Brokers fraternity seek self regulation to enhance sector’s competitiveness
by Modestus Anaesoronye
November 8, 2017 | 12:21 am| | | Start Conversation
To become competitive and assumes leadership position in the nation’s insurance industry, brokers have resolved to enshrine self regulation and strong ethical practice.
They said this has become necessary to ensure that brokers maintains its leadership position as market makers in risk management and advisory services, that command confidence of the consumers.
Wale Tinubu, the 19th president of the Nigerian Council of Registered Insurance Brokers (NCRIB) made the remark at his post investiture press briefing in Lagos.
“We want to champion regulation, by this I mean respecting yourself by complying with the rules”.
He said “It is not that brokers don’t want to comply with regulations, but that, issues of capacity in terms of knowledge and cost may be hampering them”.
Tinubu stated that his administration will ensure that the knowledge gap is bridged for enhanced compliance.
“We shall do our best to empower our people with relevant trainings and workshops to help them acquire relevant skills for better compliance”.
Also critical in his agenda is empowering the NCRIB secretariat to effectively discharge their duties without much interference.
Tinubu said he will streamline the office of the president to a ceremonial role by giving the Executive Secretary/Chief Executive Officer and his team a level of empowerment as it is obtainable in other professional bodies and climes.
He said the Secretariat of the council remains the regulatory body for the Brokers and that the President is a Broker and a competitor with other Brokers in the industry.
He noted that prior to his investiture ceremony, his team had worked assiduously to arrive at one, but octopus sustainable agenda, that will ensure that Insurance Broking profession stand at par with its counterparts anywhere in the world.
“Definitely, this is an agenda that is intended to outlive this tenure and that is why, both the Deputy and Vice President of the Council had been deliberately made a part of its conception and subsequently the implementation.
“Essentially, our agenda and vision is to project NCRIB as a strong institution that will be propelled by professionalism. As a body that has international affiliation with organization like British Insurance Brokers Association (BIBA), we are under obligation to benchmark our operation and growth pattern with such global institution.
“Among other things, we will ensure that the position of the President remains a ceremonial position, just like a Chairman of Board of corporate institutions, in consonance with provisions of Corporate Governance.
“The implication of this is that we shall empower the secretariat to discharge its responsibilities as it is expected. We are all aware that non-executive position change from year to year, leaving the secretariat permanent, and to ensure genuine institutional building, the Secretariat must be adequately empowered to drive the process at all times,” he said.
He noted that he and his team had drawn a 10 year-agenda for the Council, stressing that this was done in agreement with his next two successors, that is, the Deputy President and the Vice President. “This is to ensure that we bequeath a well-entrenched institution to upcoming generation,” he said.
“As part of our agenda, we will open up retailing business which will increase insurance penetration. The Council will also continually invent ingenious programmes and explore opportunities for our members to enhance their interest and commitment to the NCRIB as their professional body.
“Bearing in mind the challenging economic climes that we operate today, the Council will see to it that all avenues to generate more revenue are deployed. We shall explore all our latent potentials and see to it that they become cash cows for us, bearing in mind that our Council does not enjoy any form of subvention or statutory financial support from any quarter,” he posited.
Tinubu maintained that his administration’s disposition towards NAICOM would be that of collaboration and support. “We shall continue to educate our members on areas that would assist them to effectively adhere to regulatory mandates of the Commission and would not shy in interfacing between them and the Commission for a peaceful and progressive practice. We shall continue to strengthen the Help Desk, to assist members that have issues with Commission with a view to resolving them,” he said.
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