NCRIB Restates Members Commitment To No Premium No Cover Rule
Dr Bola Onigbogi, NCRIB President
The Nigerian Council of Registered Insurance Brokers (NCRIB) has restated it’s members commitment to the industry’s No Premium No Cover Rule.
The NCRIB In a statement signed by the Head, Public Relation and Communications Department, Dele Ayeleso, titled “NCRIB Frowns At Report Maligning It’s Members” recently, expressed displeasure over a report published on front page of a Nigerian newspaper captioned “Insurance Brokers Undermine No Premium No Cover Rule” on Wednesday, July 21, 2021, describing it a calculated attempt to malign its members.
The Council, in the statement, said it has written to the Business Editor of the Newspaper, adding that “the Council noted with dismay the malicious attempt to discredit Registered Insurance Brokers in spite of constant training on professionalism and efforts of its strong and potent Investigation and Disciplinary Panel saddled with the responsibility to guard members against unwholesome practices.”
According to the Council, the Reporter failed to put into consideration the ethics of Journalism that provides opportunity for fair hearing of all concerned parties before such a report could be published, stressing that neither the Council nor National Insurance Commission (NAICOM) was contacted for proper verification of the allegation before heading to the press.
“While this act, if true, is totally condemned by the Council of NCRIB, we wish to state appositely that no duly registered member of the NCRIB will engage in such unprofessional act as our members are constantly trained on professionalism and there are strong and potent Investigation and Disciplinary Panels in place to guard against unwholesome, unprofessional and unethical practices, if found amongst its members.
“While not wishing off the newspaper report, it is a bit of concern that the so called Insurance Brokers were not unveiled by the Reporter, thus making it near impossible for the Council to identify and call such culprit to order.
“We equally found it distasteful that the Reporter could appropriate the misconduct of a single alleged Broker to the collective of Brokers, making our Council feel there is mischief intent benign the report.
“We take this opportunity to appeal to underwriting firms (Insurance Companies), in case of future occurrence, to first consider making a formal report of such erring broking firms to the Council, in order to trigger the disciplinary panel towards bringing such firms to book, if found culpable.
“The NCRIB is committed to ensuring a trustworthy Insurance Industry by collaborating with not only the underwriting arm, but also other Insurance trade groups, Insurance consumers, as well as the regulatory body, the National Insurance Commission (NAICOM)”, NCRIB stated.
