NAICOM tasks brokers on Standard Operating Manual compliance

The National Insurance Commission (NAICOM) has urged the Nigerian Council of Registered Insurance Brokers (NCRIB) to adopt the Standard Operating Manual (SOM) to enhance efficiency and compliance for industry growth. Speaking at the Nigerian Council of Registered Insurance Brokers Lagos Area Committee (NCRIB-LAC) meeting in Lagos, the former Director of the Inspectorate Department, NAICOM, Leonard Akah, said that SOM would boost training and foster growth in the industry. He stressed that the manual would ensure that brokers operate in a professional, efficient and compliant manner, providing high-quality services to their clients.

“It also defines the roles of key personnel within the brokerage, including their duties and reporting structures. “However, other importance of SOM includes clients management, clients account policy, knowing your customer compliance procedures, sales and policy management, compliance and regulatory requirements amongst others. “Brokers need SOM for compliance with the Insurance Act, consistency, enhancement of operational efficiency, supporting consumer protection, reducing misunderstanding and disputes and supporting business continuity among others,” he said.



Chairman, NCRIB-LAC, Oluremi Oduwole, said the choice of the theme was timely, coming when many of its members were struggling with the challenges of complying with the statutory requirement by the NAICOM..