• Saturday, May 18, 2024
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BusinessDay

Parallel body thinks new ideology for brokerage fraternity

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The Association of Professional and Practising Insurance Brokers of Nigeria (APPIBON), a parallel body aiming to find a place in the brokerage fraternity, thinks the insurance brokers and the industry at large have not fared well with Nigerian Council of Registered Insurance Brokers (NCRIB) as its only trade body for insurance brokers.

The group, with its inauguration of the Lagos Chapter, weekend, believes that if allowed to exist, it would lead the industry to get more national recognition by government and policy makers, which they said had eluded the industry in the past, and made it remain a fringe sector in the economy.

APPIBON, lead by Delly Ajufo, a broker for over 30 years, said like other trade groups for instance the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), its association should be allowed to exist and add its own value to the growth of the industry.

Ajufo argued that it is not acceptable that all practising brokers should be members of the NCRIB by compulsion since it was not in tandem with the law on fundamental rights of citizens.

“Any attempt to compel practitioners to join NCRIB is at variance with the laws of the Federal Republic of Nigeria specifically Section 40 sub-section 3, which dwells on the fundamental rights of every Nigerian to freely associate with whosoever he or she chooses.”

Its prayer, the APPIBON boss noted, is that “our association be given the opportunity together with other stakeholders, to play its own part in moving the insurance business to the driver’s seat in the Nigerian economy.”

APPIBON was established three years ago and currently has about 50 registered members with operational headquarters in Abuja, while NCRIB, is over 50 years with membership strength of over 500, making it perhaps the largest brokerage fraternity in sub-Sahara Africa.

The Nigerian Council of Registered Insurance Brokers was established by an Act of the National Assembly (NCRIB Act No. 21 of 2003) which was signed into law by Olusegun Obasanjo, the then president and commander-in-chief of the armed forces of the federal republic of Nigeria, on 4th July, 2003.

The Council succeeded the Nigerian Corporation of Insurance Brokers founded in 1962 and incorporated on 9th May, 1967 as a non-profit making organization limited by guarantee under the Companies Act (1968).

The Council is the umbrella association of all registered insurance brokers in Nigeria who are by law expected to be registered by it before they can be licensed to operate in the Nigerian insurance market by the National Insurance Commission (NAICOM).

The objective of the NCRIB is to establish and maintain a central organisation for insurance brokers and generally do all such things as may, from time to time, elevate their status and safeguard and advance their interest and procure their general efficiency and proper professional conduct, with a view to ensuring for the community, the existence of a class of insurance brokers who can be relied upon as being trustworthy and duly qualified to perform their responsible duties and to watch over legislation affecting insurance brokers, and to promote, or support and assist in any legitimate manner, the carrying into effect of any legislation having for its object the common interest of members, of the Council and the general public.

Modestus  Anaesoronye