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Insurance Policy: Brokers Reiterate Commitment To ‘No Premium, No Cover’ 


Insurance brokers, under the auspices of the Nigerian Council of Registered Insurance Brokers (NCRIB) have reiterated their commitment and support for the ‘No Premium, No Cover’ policy of the insurance industry.

To this end, the council, in a statement signed by its spokesperson, Mr. Dele Ayeleso, and made available to LEADERSHIP at the weekend, described as calculated attempt to malign its members through a report published on the front page of a Nigerian newspaper captioned ‘Insurance Brokers Undermine No Premium No Cover Rule’ last week.

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 the 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,” it pointed out.

“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,” it stressed.

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