The National Insurance Commission (NAICOM), has said the deadline for brokers to activate their lapsed licences, would be issued this week.The Commissioner for Insurance, Mohammed Kari, who said this in an interview with The Guardian in Lagos, said the window given to brokers to acquire new licences in their old names was for a short time.
He said the Commission will come up with reviewed guidelines on intermediaries like brokers, agents and other forms of insurance distribution channels in Nigeria.“The window given to the brokers with lapsed licences is not a perpetual window. It is just for a period. Already, the group of intermediaries have readjusted themselves. They now apply long before time. Most of them now get their licences renewal by the expiring date. The issue of lapse is becoming a history.
“They have been abusing the little privileges given to them for a short time, but it is not indefinite, we will come up with a definite date, when we stop activating lapsed licences. We are coming up with reviewed guidelines on intermediation generally for brokers, agents and other distribution channels. I hope we will get them out by the end of the month,” he said.
