By Paul Akalonu
Mr. Tony Elumelu, chairman of Heirs Holdings, on Thursday proposed N50 million as a capital base for insurance broking firms operating in Nigeria.
He made the proposal at the Nigerian Council of Registered Insurance Brokers (NCRIB) 60th Anniversary Colloquium, tagged; 60 Years of Insurance Broking, with theme “Redefining the Practice and Practitioners.”
He stated that it had become imperative to recapitalize the country’s insurance brokerage industry because N5 million was insufficient capital base.
Elumelu emphasized the importance of insurance brokers’ expertise as intermediaries between insurance consumers and insurance companies.
To maintain the integrity of the NCRIB, he urged its leadership to enforce strict adherence to corporate governance by all of its members and to weed out non-registered and non-compliant members.
He emphasized that in redefining the practice and practitioners in the insurance broking profession, NCRIB should lead the fight against unethical practices, which have been the industry’s bane for years.
