2018: No business guarantee for unregistered insurance agents

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Business will no longer be guaranteed for Insurance agents that have not been registered by the Association or Registered Insurance Agents (ARIAN) and National Insurance Commission (NAICOM)

The ARIAN President, Mr Gbedebo Olamerun, made this known on Thursday in Lagos. Olamerun said so far only 3000 insurance agents had registered with NAICOM although over 10,000 unlicensed agents were transacting business in the insurance industry.

He advised insurance companies to ensure that their agents were registered by his association and NAICOM to enjoy robust enterprises in 2018.

He said the association had put in place monitoring and compliance mechanism to check illegal operators.

Olamerun said larger number of registered agents would improve the quality of insurance practice in Nigeria.

“Increased registered agents will increase premium collection and automatically boost the sector’s contribution to Gross Domestic Product (GDP) in the country.” he said.

Olamerun said his association would continuously equip members with skills needed to sell insurance business at the grassroot. “Our members, henceforth, will also get certified by Chartered Insurance Institute of Nigeria (CIIN) to enhance their proficiency.”

He said ARAIN had been able to push for a reduction of the amount for the proficiency test certification which had been the most expensive requirement for agent’s registration with NAICOM, adding that the association was working to ensure that the number of registered agents reached 20,000 by 2020