• Wednesday, April 17, 2024
businessday logo

BusinessDay

Insurance Brokers urged to comply with sector regulations, build capacity for growth

Insurance Brokers urged to comply with sector regulations, build capacity for growth

The insurance brokerage fraternity have been urged to comply with sector regulations for growth and stability.

Besides, they are also called to be resourceful and give their businesses that leadership quality it requires competitiveness in the market.

These were key points at the October Edition of the NCRIB Lagos Area Committee Monthly General Meeting held in Lagos with the theme ‘NAICOM Revised Market Conduct & Business Practice Guidelines: Implications for Brokers’.

Delivering the theme paper, Ekeoma Ezeibe, the vice president, Nigerian Council of Registered Insurance Brokers (NCRIB) highlighted the advantages of complying with the guidelines and the implications for refusing to comply.

Ezeibe who is also the managing director/CEO, Crystal Trust Insurance Brokers, also spoke extensively on the Prudential Guidelines for Insurance Institutions in Nigeria 2022, emphasized the need for members to comply with the regulations for the good of their profession and growth of the industry.

Accordingly, she said, “when you see revised it means that we have had these guidelines in existence, just that they have been revised for the current year, adding that the two Guidelines have come into effect since September 1, 2022.

“The Revised Market Conduct & Business Guidelines for Insurance Institutions in Nigeria 2022 came into effect on September 1, 2022 and therefore, whatever filings we are making now or if we are registering new broking insurance company, we will be guided by the provisions of the Guidelines.

She urged the members to find time to read the Guidelines that it is not meant for pleasure but for our business, and enjoined the members not to get overwhelmed by the content of the Guidelines.

Speaking on the topic ‘Leadership and Resourcefulness’, Babatunde Oguntade, deputy president, NCRIB, highlighted the qualities of a good leader and why leaders must be resourceful.

Read also: Insurance industry Q2 performance positive, as premium grows 20.1%

Oguntade who defined leadership as the art of influencing individuals or group of persons to achieve a particular objective as required, stated that leadership is something that people must be willing to do enthusiastically, not grudgingly.

“A good leader must have vision, and a leader must be focused. A Leader is someone who has the ability to persuade and influence the behavior of the group members to carry out their responsibilities enthusiastically for attainment of common goal. A leader must have a quality of guidance, inspiration, persuasion, direction, motivation, communication, creativity etc.”

Oguntade who is also the Managing Director/CEO, Lectern Insurance Brokers Ltd, described leadership as a personal attribute that in most cases innate, inbuilt, noting that a successful leader is someone whose followers accept his guidance.

“Only a prosperous leader will be able to inspire his disciples. Prosperity is part of leadership. If you look unkempt, if you are not prospering in wisdom and technical knowledge, you cannot aspire to lead. Leadership is influence; leadership is courage; leadership is directional and leadership is functional.

Earlier in his welcome address, Rotimi Olukorede, the NCRIB LAC chairman, enjoined the members to comply with the NAICOM Guidelines in order to avoid spending money on infractions that may occur as a result of failure to comply.

Addressing the audience, Rotimi Edu, president, NCRIB, charged the broker to see the challenges they are facing as part of their operations and the price they must pay.

“You know when you are growing, the more you grow, the more challenges come. Although I do not see as a negative thing that we are facing some challenges from both the industry and the regulator, but it behoves on us to ensure that these challenges are handled with immediate effect with automatic alacrity and in doing that we need your cooperation at all level.