Nigerian Council of Registered Insurance Brokers (NCRIB) should adopt a Standard Operating Manual (SOM) to enhance their efficiency, ensure compliance and reduce risks, a former Director Inspectorate Department, National Insurance Commission (NAICOM) Leonard Akah, has said.
In a paper themed, ‘Code of ethics and operational standard in insurance broking firms: The regulators’ expectations ‘ he delivered at the Nigerian Council of Registered Insurance Brokers Lagos Area Committee (NCRIB-LAC) meeting in Lagos, Akah stated that the SOM would boost training and foster growth in the industry.
He stressed that the manual would ensure that brokers operate in a professional, efficient and compliant manner, providing high-quality services to their clients.
He said: “It also defines the roles of key personnel within the brokerage, including their duties and reporting structures. Other importance of SOM are clients management; clients account policy; Know Your Customer compliance procedures; sales and policy management; compliance and regulatory requirements amongst others
“Brokers need SOM for compliance with Insurance Act; consistency; enhancement of operational efficiency by outlining clear procedures for operations; supporting consumers protection, reducing misunderstanding and disputes; and supporting business continuity, among others.”
Chairman of NCRIB-LAC, Oluremi Oduwole stated that their choice of the theme was timely, when many of their members were still smarting from the challenges of complying with the statutory requirement by the National Insurance Commission.
“I must appreciate the usual intervention of the leadership of our Council, under the leadership of the President, Prince Babatunde Oguntade, in ensuring compliance by members. This effort we believe must be complemented and timeously too by our Area Committee, which hosts the largest number of practitioners of the Council.
“In specific terms, during this meeting, members would be adequately enlightened and further educated on the compliance directive to ensure full compliance. It is my hope that everyone would take maximum advantage of this knowledge impartation session as we have it on good record that some members had to pay between N750,000 and N1 million for the training when it was broached by the Commission. But the exercise is free,” he noted.
