Storeis by Chris Ebong
Moves by Nigerian Council of Insurance Brokers (NCRIB) to acquire a charter status may have hit the brick walls as leadership of the Chartered Insurance Institute of Nigeria (CIIN) appears to be uncomfortable with the adventure.
The brokers’ body had sent a bill to the National Assembly praying the legislators to pass into law a chartered status for the trade body to enable it conduct and regulate the affairs of its members without interference of the National Insurance Commission (NAICOM).
The Nigerian Council of Registered Insurance Brokers (NCRIB) said it has solicited the understanding and support of Corporate Affairs Commission (CAC) in the incorporation of new companies wishing to go into insurance broking.
The Council said it mission to the company registration agency was to seek for collaboration and to encourage the CAC to hence forth request for evidence of professional qualification of the Chartered Insurance Institute of Nigeria (CIIN) or its equivalent, from at least a Director of prospective companies as required for companies going into other professional practices.
Legacy Pension Managers Limited has said that its shareholder fund is now in excess of N2 billion and that over N4.879 billion retirement benefit has been paid out to retirees as at end of October this year. The figure, according to the company, increased from N1.744 billion in 2009 to N4.879billion in 2014.
Despite insinuations by players in the insurance market that the sector in Nigeria is over-regulated, international rating agencies in their various reports have rated the industry as being under-regulated.
The agencies, according to report, have claimed that the insurance market in Nigeria is bedeviled by under-regulated. This, the Commissioner for Insurance, National Insurance Commission (NAICOM), Mr. Fola Daniel has confirmed.
In spite of awareness challenge the about a decade old national health insurance scheme in Nigeria has suffered, the number of subscribers to the scheme has increased to 7.2million.
The figure, according to health insurance agency, National Health Insurance Scheme (NHIS), represents about 40 percent growth in number of Nigerians who have embraced the scheme.
Stories by CHRIS EBONG
…As Adeola warns against indiscriminate investment
As the clamour for unlocking the contributory pension funds for infrastructural development in the country thickens, the Director General, National Pension Commission (PenCom), Mrs. ChineloAnohu-Amazu has said that the agency will be very cautious in making such a decision.
The PenCom boss who said this in Lagos recently stated that the contributory pension scheme (CPS) has accumulated a large pool of investible funds of over N4.5 trillion pension assets with over 6.2million contributors as at June this year.
She added that payment of pension under the CPS presently has been prompt and consistent since 2007.
Retirees of the Lagos State Water Corporation have decried non-payment of their severance benefits amounting to about N1 billion owed them since 2010 by the corporation.
Numbering about 150, they have demanded immediate payment of their pension through a petition to Governor Babatunde Fashola, stating that the management plotted them out of all forms of benefits, which amounted to about N1 billion as at 2013.
Concerned more about the safety of the N4.5trillion pension fund under management, the Pension Fund Operators Association of Nigeria (PenOp) said they would engage more on long term investment order than short term.
AIRTEL Nigeria, a telecommunication platform for insurance distribution has paid the sum of N100,0000 as hospital bill to first set of beneficiaries of the scheme.
The insurance plan packaged by MicroEnsure Africa and underwritten by Cornerstone Insurance Plc, a Mobile Telephony Insurance driven by Airtel Nigeria GSM platform is a premium free insurance cover for Airtel subscribers.
The product with a N1,000 monthly airtime recharge guarantees life and hospitalisation insurance with increasing benefits on subscription.
Airline Operators have called on the federal government to intervene on the high insurance premium paid on commercial aircraft by the Nigerian airline operators.
Decrying the high premium, they argued that the development is having a negative effect on their operations as funds needed for other safety issues and training are used for payment of insurance on acquired aircraft.
Their position was contained in the communiqué issued at the end of the interactive forum with the domestic airlines by the Aviation Round Table (ART) in Lagos recently.