Efekoha Lists Reasons for Non-enforcement of Compulsory Insurance

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The Chairman, Insurance Industry Consultative Council (IICC), Mr Eddie Efekoha, has blamed non- enforcement and non-patronage of compulsory insurance in Nigeria on lack of knowledge by concerned parties and various government agencies charged with the responsibility.

Efekoha, who stated this at a training programme on compulsory insurances held in Enugu, Enugu State described compulsory insurance as those classes of insurance made compulsory by law, with the objective of providing protection to third parties and the general public. 

He expressed concern that though the compulsory insurance has been in existence over the years, Nigerians have not been complying with the regulation, while the masses who fall victims of the reason for the compulsion have been at the receiving end.

“However, as a result of lack of knowledge, many of these compulsory insurances are neither taken up by concerned parties nor enforced by the relevant agencies or bodies set up for the purpose.

“It is against this backdrop that the IICC has decided to periodically bring all insurance stakeholders together to sensitise them on their obligations towards the enforcement of the various compulsory insurance in Nigeria,” he stated.

According to him, earlier in the year, the IICC members were in Asaba, to sensitise members of the public on the compulsory insurance.

He assured that the training would continue across the country, adding that the IICC council would not relent in its crusade to propagate the gospel of insurance. 

Efekoha, thanked the members of the IICC which includes the National Insurance Commission (NAICOM), Chartered Insurance Institute of Nigeria (CIIN), Nigerian Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB) and the Institute of Loss Adjusters of Nigeria (ILAN), for their contributions to the growth of the IICC and their commitment to the growth of the Insurance Industry in Nigeria.

He listed the compulsory insurance as motor third party liability insurance stipulated by the Insurance Act 2003; Employers Liability Insurance– under the Workmen’s Compensation Act 1987; Employers Liability Insurance– (Group Life) under the Pension Reform Act 2004; Builders Liability Insurance under the Insurance Act 2003 and the Lagos State Building Control Law 2010, among others.

NCRIB: New President Pledges to Create More Awareness

The new president of the Nigerian Council of Registered Insurance Brokers, (NCRIB), Dr. Bola Onigbogi, has said that her administration will focus on boosting the image of the council and its members through various measures.

Onigbogi, who stated this in her inaugural speech as the second female president of NCRIB, said her administration would be more strategic in first identifying those factors that attract bad reputation to the insurance brokers and would to attend to them through deliberate and strategic communication with relevant stakeholders.

“I promise to give utmost devotion of my intellect and material resources to give a diligent, conscientious and unselfish service to our council as president,” she pledged.

According to her, taking over the mantle of leadership of the NCRIB council definitely poses a great deal of challenges to the new administrative team she leads.

She was however optimistic that with the support of all members and strategic stakeholders, the team would wade through the challenges to give the council its deserved place in the industry.

“There is no better time to improve the image and perception of insurance brokers than now. We shall face the daunting task of improving the perception of the insurance broker in the eyes of all members of the public through strategic actions that would involve the engagement of all stakeholders that insurance brokers relate with”, Onigbogi stated.

She pointed out other areas of focus for her administration to include professionalism, adding that this was apparently the hallmark of any reputable professional institution.  

According to her, whilst reckoning with the fact that paper qualification was the first step towards professionalism, more attention would be paid to issues such as adherence to ethics, business relationship amongst operators and continuous education to buoy up the competencies of Brokers.  

She said her regime would promote a blend of learning and interpersonal relationships.  

According to the new NCRIB boss, whilst individual brokers would continually be attuned to their professional responsibilities, her regime would also concern itself significantly with how brokers are perceived by the clients or the public. 

Onigbogi, further said her regime would aggressively pursue the advancement of NCRIB members’ interest, adding that members would be treated in recognition of their individual rights and protect their individual and collective interests at all times.  

“The Council will ensure that every member would be proud to belong to the NCRIB as the council under this leadership would ensure admission of new members under all categories that are spelt out under the NCRIB Act,” she added.

She further listed other areas her administration would give priority attention as manpower development.