NAICOM TO RELEASE GUIDELINES FOR REACTIVATION OF BROKERS’ LAPSED LICENSES

The National Insurance Commission (NAICOM) has said it will at the end of this month, release the guideline for brokers to activate their lapsed licenses. This is as it said it has commenced the process of signing agreements with operators and regulators of insurance distribution channels for collaboration in deepening insurance penetration nationwide.
The Commissioner for Insurance, Mohammed Kari, who disclosed this in an interview with THISDAY, said the commission is working globally on enforcement of all compulsory insurances and has perfected plans to release guideline on the use of non-regulated potential intermediaries in the distribution of insurance.
The commission, had mid last year, suspended the use of non regulated distribution channels in selling insurance, insisting that if such channels like banks will be used for insurance distribution, they must be license for such purpose by the commission; a situation, which the Central Bank authority resisted.
Since then, use of banks in insurance selling was put on hold just like use of mobile network operators.
But the Insurance Commissioner, told THISDAY that the commission, has signed agreement with the Central Bank of Nigeria, Telecom operators, National Pension Commission among others for their participation in insurance distribution process.
He said the commission is coming up with reviewed guidelines on intermediaries like brokers, and distribution channels.
“They have been abusing the little privilege given to them for a short time, but it is not indefinite, we would come up with a definite date, when we would stop activating lapsed licences because we are coming up with reviewed guidelines on intermediation generally, on the brokers, agents and other distribution channels. I hope we would get them out by the end of the month,” he said.
It was learnt that majority of the firms were sanctioned for violating certain provisions of the insurance law, such as; late submission of their returns to the regulatory body, while some did not submit returns for several years, non-renewal of operating licence, among other offenses.

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