Operators Advocate Postponement of New Rates


Enterprise Television-  Operators Advocate Postponement of New Rates

Operators in the insurance industry have appealed to the National Insurance Commission, NAICOM, to defer implementation of the reviewed rates on compulsory insurances by one year to enable the insuring public to be adequately sensitized.

Former President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mrs. Laide Osijo, said that though the new rating on compulsory insurances will benefit the industry; however, implementation should be deferred so that clients and customers will be adequately sensitized.

The regulator said the move is part of efforts to curb the increasing challenge of rating in the industry and charged every operator to be guided by the rates in their various transactions. NAICOM stated that going forward, it shall strictly monitor and enforce compliance.

Osiji said, My advice to NAICOM is that we should be given some time to carry out enough sensitization to the public, corporate outfits, clients and even to government so that implementation will be successful.