Insurance brokers, loss adjusters applaud NAICOM’s license renewal extension

Nigerian Council of Registered Insurance Brokers (NCRIB) and the Institute of Loss Adjusters of Nigeria (ILAN) have commended the National Insurance Commission (NAICOM) for granting approval for extension of their license renewal period from one year to two years.

Executive Secretary of NCRIB, Mr. Fatai Adegbenro, in an interview with the Blueprint newspapers in Lagos, recently described the development as a positive one even as he said that they requested for a permanent license or minimum of five years period before renewal.

According to him, “the license renewal period extension granted to NCRIB and ILAN by our regulator, NAICOM, is a positive development. We requested for it, we even asked for more years, but the National NAICOM in their wisdom said we should start with two years for them to watch over it and see what will come out of it. It is a positive development. It takes the burden of having to package document every year for renewal off our shoulders.

“The development is a win win for both parties. The commission doesn’t have enough manpower to attend to this every year. Likewise the rigor being faced by practitioners to be doing this every year will reduce and it will create a time for them to concentrate with their real business.

“We requested for a permanent license, like that of the insurance companies or to last for a minimum of five years. As you are aware, insurance companies don’t renew their license every year. But the commission in its wisdom said we should start with two years. I think it’s a very good development and it is commendable.

The Managing Director, Fortune Loss Adjusters Limited, Mr. Akinola Ojo, commended NAICOM on the development which he said is a big relief for the Loss adjusters.

He also applauded NAICOM for granting the insurance and reinsurance companies extension on the recapitalization deadline from June 30, to December 31, 2020.

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