The Nigerian Council of Registered Insurance Brokers, Lagos Area Committee (NCRIB-LAC), has called on its members to proactively prepare for the sweeping changes expected from the recently passed Nigerian Insurance Industry Reform Bill 2024. The bill, currently awaiting presidential assent, promises to reshape the insurance landscape in Nigeria, presenting both opportunities and challenges for insurance brokers across the country.
At the recent Annual General Meeting held in Lagos, the NCRIB-LAC organized an intensive session themed “The Nigerian Insurance Industry Reform Bill 2024: The Implications for Insurance Brokers.” The session aimed to enlighten brokers on the bill’s provisions and the impact they would have on broking operations, regulatory compliance, and professional development within the sector.
Mrs. Ekeoma Ezeibe, Deputy President of the Nigerian Council of Registered Insurance Brokers, facilitated the session. She meticulously walked participants through key sections of the bill and engaged in a robust Q&A session to address brokers’ concerns and clarify doubts regarding the upcoming regulatory changes.
In his remarks, the Chairman of NCRIB-LAC, Oluremi Oduwole, emphasized the need for brokers to be well-prepared for the reforms, noting that while the bill is designed to enrich broking practices and expand operational scope, it also introduces new compliance requirements that could pose significant challenges if not anticipated in advance.
“The Insurance Reform Bill is a double-edged sword. It offers tremendous growth prospects for brokers but demands that we step up in professionalism, ethics, and regulatory adherence,” Oduwole said. He also stressed the importance of continuous education and awareness to navigate the evolving insurance environment effectively.
The meeting was further distinguished by the presence of the Head of the Department of Insurance at Lagos State University and select students from the same department. This initiative was part of NCRIB-LAC’s “town and gown” strategy—bridging academic knowledge with industry realities to foster a new generation of well-informed insurance professionals.
Oduwole highlighted the launch of insurance clubs in public secondary schools across Lagos State as a critical measure aimed at “catching them young.” These clubs are designed to expose students early to the principles and practices of insurance and brokering, ensuring sustainability and growth of the profession in the long term.
The Insurance Industry Reform Bill 2024 represents a landmark legislative effort by the National Assembly to modernize the sector. Key reforms in the bill include enhanced regulatory oversight, stricter capital requirements for brokers, and the introduction of technological innovations to improve transparency and efficiency.
Industry experts believe that the bill will also foster increased consumer protection, boost investor confidence, and attract foreign investments by aligning Nigeria’s insurance regulatory framework with international best practices.
Insurance brokers, as critical intermediaries between insurers and clients, are urged to upgrade their knowledge, skills, and operational frameworks to comply with the new standards and leverage emerging opportunities.
As the bill awaits President Bola Ahmed Tinubu’s assent, the Nigerian insurance industry stands on the cusp of transformation. Stakeholders are encouraged to actively participate in ongoing consultations and capacity-building programs to stay ahead of the reforms and ensure a smooth transition.
The Nigerian Council of Registered Insurance Brokers, through its Lagos Area Committee, continues to play a pivotal role in preparing brokers for the future, advocating for professional excellence, and fostering collaboration between academia and industry practitioners.