The Nigerian Council of Registered Insurance Brokers (NCRIB), the professional insurance people, authorised by law to carry out insurance broking services in Nigeria, has continued to take the gospel of insurance and its benefits to all manner of people and businesses in all nooks and crannies of the country through strategic collaborations and partnerships with relevant organisations, groups, institutions, agencies and individuals.
The Nigerian Council of Registered Insurance Brokers, as a legal entity, got its first legal recognition in 1991 when the Insurance Decree N0 58 of 1991 made compulsory for all practicing Insurance Brokers to be members of this body before being registered by the Commissioner for Insurance.
However, the brokers’ quest for full legal recognition through the acquisition of a Charter did not materialize until 2003 when the National Assembly passed the NCRIB Bill and the then President, Chief Olusegun Obasanjo, gave his assent on 4th July, 2003. The name of the body was thereafter changed from Nigerian Corporation of Insurance Brokers in pursuant of the enabling Act to The Nigerian Council of Registered Insurance Brokers (NCRIB).
With the signing into law of the NCRIB Act, the insurance broking profession received full legal powers to be able to regulate the practice as a reputable profession, which is an integral professional arm of the Nigerian Insurance Industry. Section 13 of the Act confers on NCRIB, exclusive powers to regulate the conduct of all registered insurance brokers in Nigeria (both individual and corporate members).
NCRIB is the Umbrella Association of all Registered Insurance Brokers in Nigeria who are by law expected to be registered by it before they can be licensed to operate in the Nigerian Insurance market by the National Insurance Commission (NAICOM).
In order to ensure that the affairs of the Council are run seamlessly, the NCRIB set for itself the following set of objectives: “To establish and maintain a central organization for Insurance Brokers and generally do all such things as may, from time to time, elevate their status and safeguard and advance their interest and procure their general efficiency and proper professional conduct, with a view to ensuring for the community, the existence of a class of Insurance Brokers who can be relied upon as being trustworthy and duly qualified to perform their responsible duties.
“To watch over legislation affecting Insurance Brokers, and to promote, or support and assist in any legitimate manner, the carrying into effect of any legislation having for its object the common interest of members, of the Council and the general public.
“To afford means of arbitration on, or for settling disputes, or questions between members of the Council, or between members and third parties.
“To collaborate as appropriate with government and with various institutions and professional bodies in achieving the objectives of the Council.
“To organize as it deems fit along or in association with other institutions or professional bodies, Conferences, Seminars and Workshops on general and specific areas of insurance.
“To develop, establish and set up Area Committees and Chapters effectively networking with the Secretariat.
“To formulate and maintain a standard of conduct for members and to encourage the appropriate professional attitudes by members.
For the purpose of registration as members, the number of the Council is unlimited. At present, there are over 550 registered members of the Council, providing broking services to the teeming clients across the country.
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