Home Insurance Digest NAICOM warns insurance brokers against money laundering

NAICOM warns insurance brokers against money laundering

Commissioner for Insurance,  Mohammed Kari, has warned insurance brokers in the country against allowing their firms to be used as channels for money laundering.
Speaking at the investiture of Kayode Okunoren, as 18th president of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos, recently, Kari said as “Governments of various countries battle violent extremism and beaming search light on money launderers as financiers of violent organisations launder illicit funds through organised sectors, insurance brokers should not allow themselves to be used to perpetrate crimes against humanity through money laundering.
“As professionals, you should take equitable interest in discharging your duties in the interest of all the stakeholders. You should ensure your function is not exploited as a vehicle for corruption including money laundering.” He cautioned.
The commissioner was represented by the Deputy Commissioner for Insurance, Finance and Administration, George Onekhena, urged them to recognize their role in insurance penetration, especially as it includes the development of financial inclusion product.
“You should recognize your role as employers of labour and to improve your quota to the resolution of the economic problem that is affecting this nation today”, he charged them.
Kari stated that the National Insurance Commission (NAICOM) had always enjoyed the cooperation of the NCRIB, saying, “we expect this to continue in your tenure. We expect that you would try to understand you have a role to play in ensuring your members comply with the all the laws and regulations guiding the industry.
We assure you of the corporation of NAICOM whatever we have to do to ensure growth in the industry as regards the brokers and also to facilitate the growth of the insurance brokers, the commission will do that.
The position you are given is critical for some reasons. You have achieved an enviable height in your former career. Insurance broking profession holds the potentials of facilitating economic growth.
When your council has completed a lot of change in the past, it has a role for the future in maintaining the code of ethics and compliance with relevant laws and regulation”.
As the new president of NCRIB, , there is need for insurance brokers to show commitment and install necessary organization infrastructure to ensure they comply with all the laws of the land, advised.
“The position you are given is critical for some reasons. You have achieved an enviable height in your former career. Insurance broking profession holds the potentials of facilitating economic growth.
When your council has completed a lot of change in the past, it has a role for the future in maintaining the code of ethics and compliance with relevant laws and regulation.
This is certainly not an event for detailed talk about the industry but there are a number of things which you need to know as the new president
As the new president of NCRIB, there is need for insurance brokers to show commitment and install necessary organization infrastructure to ensure they comply with all the laws of the land.
As professionals, they should take equitable interest in discharging their duties in the interest of all the stakeholders. They should ensure their function is not exploited as a vehicle for corruption including money laundering. They should recognize their role in insurance penetration especially as it includes the development of financial inclusion product. They should recognize their role as employers of labor and to improve their quota to the resolution of the economic problem that is affecting this nation today.
The commission has always enjoyed the cooperation of the NCRIB; we expect this to continue in your tenure. We expect that you would try to understand you have a role to play in ensuring your members comply with the all the laws and regulations guiding the industry.
“We assure you of the corporation of NAICOM in whatever we have to do to ensure growth in the industry as regards the brokers and also to facilitate the growth of the insurance brokers, the commission will do that”,

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