NCRIB strengthens stand against unregistered brokers

Joy Agwunobi 

The Nigerian Council of Registered Insurance Brokers (NCRIB) has reaffirmed its position as the legally authorised professional body overseeing Registered Insurance Brokers in Nigeria. The Council has cautioned clients to remain vigilant against unethical practitioners within the insurance sector.

Speaking during the December edition of the Council’s Members’ Evening held in Lagos, NCRIB President Prince Babatunde Oguntade addressed misleading claims being propagated by unscrupulous players in the insurance broking industry.

He emphasised that the NCRIB Act No. 21 of 2003 remains the foundational legal framework empowering the Council to regulate insurance broking practices and maintain the official register of Registered Insurance Brokers in the country.

Oguntade stated, “The same law mandates membership in the NCRIB as a prerequisite for licensing by the National Insurance Commission (NAICOM). It is absurd for any individual or group to operate within the industry without registering with the NCRIB. Clients who engage with such unregistered brokers risk violating the law and exposing themselves to fraudsters with potentially serious consequences for their insurance arrangements.”

The NCRIB President urged members to uphold all regulatory and compliance standards required of them. He also encouraged the use of the Council’s official membership seal to distinguish their operations from unregistered brokers and to validate official documents issued by their companies.