President, NCRIB, Mr Shola Tinubu

The Nigerian Council of Registered Insurance Brokers (NCRIB) has applauded the National Insurance Commission (NAICOM) over the cancellation of State Insurance Producer (SIP), a new distributive insurance channel.

The President of NCRIB, Mr Shola Tinubu, commended the commission in an interview with the News Agency of Nigeria (NAN) on Sunday in Lagos.

The NCRIB boss said that SIP, if executed, would become a threat to brokers’ business in Nigeria.

According to Tinubu, brokers derives 70 per cent of their businesses from government, an aspect that SIP intends to serve.

He commended the Commissioner for Insurance, Alhaji Mohammed Kari, and his team for granting the council’s request.

He said the commission granted the council’s request barely 24 hours after a fruitful town hall meeting of top management of NAICOM and NCRIB.

He said: “As NAICOM ordered the immediate cancellation of operational guidelines on SIP barely 24 hours after a fruitful town hall meeting of top management of NAICOM and NCRIB on Dec. 20, a new dawn has come for the country’s insurance industry.” (NAN)