NCRIB Warns Against Use Of Unregistered Insurance Brokers

The Nigerian Council of Registered Insurance Brokers(NCRIB) has warned the general public to desist from dealing with unregistered insurance brokers, saying, anybody underwriting their risks through these outlets, is doing so at his own risk.The president, NCRIB, Mr. Kayode Okunoren, who stated this at a quarterly media briefing of the council in Yaba, Lagos, noted that, though, there are instances where these unregistered brokers are broking businesses for companies and government agencies, he stressed that, should there be a violating of insurance contractual agreement, there will be nobody to hold these brokers responsible, meaning that , there is no guarantee on policies written through the unregistered brokers.He said, his association is embarking on awareness campaign to let Nigerians know the benefits of underwriting their risks through the registered brokers, urging the public to approach the association to confirm the status of any broker that approach them. With increased level of awareness, he believes the unregistered ones will soon be out of business.Dealing with registered brokers has a lot of advantages. As registered brokers, we do in-house checkup among ourselves to ensure that brokers meet their obligations as and when due and if anything goes wrong between the insuring public and a broker as it relates to a policy written through this registered brokers, the association will take up the matter and quickly address it, he pointed out.Speaking further , he said his council is unrelenting in sustaining the tempo of public awareness about insurance broking through its on- going Corporate Visibility Project. For this purpose, he said, the association has set up a committee, known as Financial and General Purpose Committee which in tandem with the publicity are implementing the project.According to him, In the course of this modest step we have come to the realization that the people need insurance more in this period of economic challenges as they do their ability to replace lost assets becomes more challenging than in period of plenty. The same also goes for government which needs to factor insurance into its calculus of economic recovery. This behoves the insurance industry the responsibility to sustain its campaign for insurance awareness in the country.
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