All Posts in "Day: January 15, 2024"

NCRIB to slam penalty on brokers over delayed premium

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Mrs Ekeoma Ezeibe, Deputy President of the Nigerian Council of Registered Insurance Brokers, NCRIB
By Favour Nnabugwu
The Nigerian Council of Registered Insurance Brokers, NCRIB has made it clear that it will no longer cover brokers that delayed premium to insurers.
NCRIB will not hesitate to sanction brokers for that art even as insurers  have declared that they would blacklist brokers who withhold premium payments beyond the approved credit period of 30 days.
This was their response after the National Insurance Commission (NAICOM) called on insurers to report brokerage firms who delay settling premiums with insurance companies.
The Commissioner for Insurance, Mr Sunday Thomas, speaking at a recent conference in Lagos, said the Commission would not condone any act that violated the industry’s stipulated rules, saying it was up to the underwriters to report any broker breaking the rules.
The deputy president of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs Ekeoma Ezeibe, said if the violations were reported to the Council, errant brokers would be made to face a disciplinary panel.
Ezeibe stated that once a broker is reported, the matter is taken to the Council’s Investigation Panel and that if found to be true, the broker would face the Disciplinary Tribunal by the Governing Board after be made to pay the premium”
Patoma Admin by — January 15, 2024 in Insurance 0
Mauritania concludes plan to host FANAF next month

By Favour Nnabugwu
Efforts are in top gear by Mauritania to host the 48th General Assembly of the Federation of African National Insurance Companies, FANAF next month.
 Chairman of the FANAF 2024 Organizing Committee, Abdallahi El Garachi has announced that the meeting, scheduled to take place in Nouakchott from 18 to 22 February 2024, will bring together 1000 insurance market players to address the theme: “Insurance at the service of Africa’s economic and social development”.
As a reminder, registration is open until 10 February 2024 on the event’s website: https://www.fanaf2024.org
Patoma Admin by — January 15, 2024 in Insurance 0
Continental Re’s 9th Pan-African Journalism Awards to hold in Zimbabwe, April 12

By Favour Nnabugwu
 The 9th Pan-African Reinsurance Journalism Award of Continental Reinsurance Plc is coming up on April 12, 2024 will be held at Victoria Falls, Zimbabwe.
The leading private pan-African reinsurer, while unveiling the venue for the event called on Business journalists from across the African continent are invited to showcase their exceptional work in various categories, including Online, Print, and Broadcast, in both English and French.
This year’s awards also feature an Arabic Category and the Dr. Femi Future Talent Award.
Submission Period and Process:  Entries are open for submission up to February 14, 2024.  Works published within the year leading up to the submission deadline are eligible for consideration. Interested participants can submit their entries through the official awards portal: https://www.continental-re.com/awards-2024/.
Mr. Lawrence Nazare, Group Managing Director of Continental Reinsurance, emphasized the crucial role of the (re)insurance industry and the impact of journalists in shaping its narrative. He stated, “The (re)insurance industry is a catalyst for progress, offering economic stability and security to individuals and businesses.
“Reporting on insurance is not only informative but also serves as a catalyst for industry, educates the public about the importance of risk management, fostering a culture of preparedness.”
It will be recalled that the 8th edition witnessed entries from 18 African countries, celebrating winners from Uganda, Ghana, Burkina Faso, Egypt, and Zimbabwe.  The awards ceremony was graced by His Excellency Rigathi Gachagua, Deputy President of the Republic of Kenya.
Patoma Admin by — January 15, 2024 in Insurance 0