Nigeria: NAICOM to Abolish Annual Licence Renewal By Insurance Brokers

Jul 20, 2017 | This Day; All Africa

The National Insurance Commission (NAICOM), has promised to abolish the regime of annual brokers' licence renewing regime to replace it with longer life span licensing regime.

Insurance brokers in Nigeria, may have seen light at the end of the tunnel in their quest to be issued with life operating licenses as the regulator, the National Insurance Commission (NAICOM), has promised to abolish the regime of annual brokers' licence renewing regime to replace it with longer life span licensing regime. The brokers have been pushing to be put on the same pedestal with insurance underwriters in the area of life insurance licence issue. But the NAICOM had turned down their request and insisted that the brokers must annually renew their operating licences. But at the just concluded National Insurance Conference held in Abuja, NAICOM, said the brokers' annual licence renewal process is becoming cumbersome to the commission itself thus it has resolved to expand the process to a longer period. NAICOM said the brokers' annual operating license renewal, when abolished, would be replaced with longer life span licence regime if it cannot grant the life licensing for now. The Deputy Commissioner for Insurance Technical, Sunday Thomas, who disclosed this at an interactive session between the operators and regulators of insurance sector, said the issue of perusing through the brokers documents during the annual renewal of their operating licenses "is becoming too boring and burdensome to the commission." He said to reduce the work load for the commission in this regard, it was considering the brokers' complaints on the cumbersomeness of the exercise and has resolved to give them a longer span licence. Read more on All Africa. Source: All Africa