Brokers hail NAICOM for abolishing annual licence renewal

The President, Nigeria Council of Registered Insurance Brokers (NCRIB), Mr Kayode Okunoren, has applauded the National Insurance Commission (NAICOM) for considering abolishing annual renewal of brokers’ licence.

Okunoren made the commendation in an interview with our reporter in Lagos on Friday.

The NCRIB boss said that the council had been calling for the abolition, and expressed the hope that it would give insurance business a boost.

Okunoren, however, urged the NAICOM to consider life licensing for brokers or a five-year licence renewal.

“We praise NAICOM for abolishing the annual renewal.

“Let NAICOM consider five-year or life licensing regime.

It was reported that NAICOM had at the 2017 National Insurance Conference in Abuja recently, said that it resolved to extend the brokers’ licence renewal period.

Mr Sunday Thomas, the NAICOM Deputy Commissioner for Insurance (Technical), who made this known, said that the process of annual renewal of the licence had become cumbersome.

Thomas had said: “NAICOM is ready to make changes where necessary. Life licensing for brokers may not be possible for now, but there are challenges in the annual licence renewal.

“We can consider a licensing system that has a longer life span.”