NCRIB President Urge Government Reconsider NAICOM’s Revenue Status

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The Nigerian Council of Registered Insurance Brokers (NCRIB) has appealed to the federal government to reconsider its decision to classify the National Insurance Commission (NAICOM) as a revenue-generating agency. President of the NCRIB, Prince Babatunde Oguntade, emphasized this plea during a retreat organized for members of the House Committee on Insurance and Actuarial Matters in Lagos.
Oguntade highlighted the impact of placing the insurance supervisory fund levy within the Single Treasury Account system, expressing concerns about its potential adverse effects on the NAICOM’s financial solvency and hindering the much-needed growth of the insurance market in the country.
Asserting that the insurance industry should play a pivotal role in Nigeria’s economic revival, Oguntade urged lawmakers to advocate for the exemption of the NAICOM from its recent classification as a revenue-generating agency. Additionally, he appealed for swift action on the passage of the 2022 Consolidated Insurance Bill, aiming to address inadequacies in the existing Insurance Act 2003 and the 1997 NAICOM Act for the steady growth of the industry.
Oguntade voiced concerns about laxity in ensuring adequate insurance coverage for government assets, urging lawmakers to encourage the implementation of insurance budgets by Ministries, Departments, and Agencies. This, he emphasized, would contribute to the overall growth of the insurance sector and its accelerated contribution to the nation’s Gross Domestic Product (GDP).

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