The Nigerian Council of Registered Insurance Brokers (NCRIB) has reiterated its position as the legally recognized professional body for registered insurance brokers in the country, cautioning clients against dealing with unethical players in the insurance sector.
Speaking during the December edition of the Council’s Members’ Evening held in Lagos, NCRIB President Prince Babatunde Oguntade raised concerns about the activities of some unethical individuals spreading falsehoods about the Council’s status.
Oguntade emphasized the validity of the NCRIB Act No. 21 of 2003, which empowers the Council to regulate insurance broking practices and maintain the official register of registered brokers in Nigeria.
He stated, “That same law made membership of the NCRIB the condition precedent to licensing by the National Insurance Commission (NAICOM). It is ludicrous for any persons or group of persons to operate in the market without registering with the NCRIB.”
He further warned clients, saying, “Clients who do business with such deviants do so at the risk of disobeying the law and stand the risk of engaging charlatans with grievous implications to their insurances.”
Prince Oguntade urged NCRIB members to uphold regulatory and compliance standards while utilizing the Council’s legal membership seal to distinguish their companies from unregistered practitioners. The seal, he noted, serves as a validation tool for documents issued by member companies, ensuring credibility in their operations.
The President’s remarks underscore NCRIB’s commitment to safeguarding the integrity of the insurance broking profession and protecting clients from fraudulent activities in the industry.
