Royal Chambers Insurance Brokers Ltd

13/12/2023

Let me tell you the truth.

Most people who hit Big success most time don't know exactly what will give them that breakthrough.

They kept trying, working, making most of opportunities until boom it all happens that they got the resources that produce that breakthrough.

I tell you my dear.

You might not know how you are going to make it but then do everything you get to do legitimately to make it.

Most times your breakthrough might not be in the place or person you are looking at and so therefore, you have open yourself up for new possibilities.

Keep fighting, keep working, put in all the efforts and cast your eggs on different basket one day your gamble will pay.

Just keep the focusing on the paths to success.

10/02/2023

Reminder: 2023 BUSINESS OUTLOOK
Dear Esteemed Member,

The Business Outlook Conference affords opportunities to review business and financial activities, share ideas and expertise and also proffer solutions to operational challenges in the country.

It is a platform to discuss the National Budget as it relates to the financial sector, meets professionals from different professions in the financial world and share expertise on the issues pertinent to the growth and development of the Nigerian economy.

The 2023 Business Outlook is scheduled to hold on Wednesday, February 22, 2023, at the Lagos Continental Hotel. Victoria Island, Lagos State, Nigeria.

Please find attached the flier for further details.

Kindly forward your nomination to [email protected] copying [email protected].

Thank you.

Yours faithfully,

Abimbola O. Tiamiyu

Director-General

10/02/2023

Kindly leave a comment and share Chuks Udo Okonta The Chartered Insurance Institute of Nigeria (CIIN), has opened entries online at http://www.ciinigeria.org for interested persons within and outside insurance industry in Nigeria and in our International centres in Kigali, Rwanda; Buea, Cameroon, Ba...

06/01/2023

CIIN opens entries for April 2023 Professional Examination

Kindly leave a comment and share Chuks Udo Okonta The Chartered Insurance Institute of Nigeria (CIIN), has opened entries online at http://www.ciinigeria.org for interested persons within and outside insurance industry in Nigeria and in our International centres in Kigali, Rwanda; Buea, Cameroon, Ba...

18/09/2020

Do you value human life?
If you don’t, something is seriously wrong with your thinking.
If you do, show it. Respect others. Help them. Forgive them. Empower them. Protect them. Don’t hurt or kill them. Serve them. In short, transform their lives. Yours will be transformed too.

28/11/2019

INSURANCE

NAICOM eyes 2020 for takeoff of new brokers’ licence renewal regime

If things worked as planned, the National Insurance Commission (NAICOM) would next year, 2020 commenced the implementation of new regime for renewal of insurance brokers licence.

The Acting Commissioner for Insurance, Sunday Thomas, who disclosed this at the Chartered Insurance Institute of Nigeria (CIIN) 2019 insurance professionals’ forum, which held last week in Abeokuta, Ogun State, noted that initiative would strengthen the broking business.

He maintained that brokers are very important in the insurance business value chain, hence, the need to reposition the sector.

In the new licence renewal regime, NAICOM had proposed N5 million and N3 million licensing fees for insurance broking business, as against the present fee of N2.5 million.

The insurance regulator in a draft guideline for the regulation of insurance brokers in Nigeria, issued in June 2018 to all insurance broking companies, stated that in the proposed regime, brokers would operate 2-tier mode – Corporate and Partnership.

NAICOM noted that investors seeking Corporate licence have to pay non refundable application fee of N500,000 and those for Partnership licence N300,000, adding that every insurance broker shall upon successful conclusion of the registration process but prior to issuance of a licence, pay a licensing fee of N4.5 million for Corporate and N2.7 million, which together with the application fee amounts to N5 million and N3 million respectively.

NAICOM posited that every insurance broker shall pay bi-annual licence renewal fees of N1 million for Corporate and N600,000 for Partnership, adding that Corporate brokers would maintain a professional indemnity cover of not less than N10 million, which is N100 million in the case of oil and gas insurance brokerage or 50 per centum of its annual brokerage income for the preceding year, whichever is the greater, whilst partnership operators will a professional indemnity cover of not less than N5 million, which is N50 million in case of oil and gas insurance brokerage or 50 per centum of its annual brokerage income for the preceding year, whichever is the greater.

26/06/2019

Contact us for more enquiries:
WhatsApp: 08024671407/08053154131
Calls: 07034588454/08035225483
E-mail: [email protected]/[email protected]

26/06/2019

NAICOM begins enforcement of public building insurance

The National Insurance Commission will from Wednesday begin the enforcement of Section 65 of the Insurance Act, 2003, which makes it compulsory for all public buildings to be insured by their owners.

The decision was announced by the Commissioner for Insurance, Mohammed Kari while speaking during a joint media briefing with the Comptroller-General, Federal Fire Service, Anebi Garba.

Section 65 of the insurance act 2003 states that every public building shall be insured with a registered insurer against hazards of collapse, fire, earthquake, storm and Flood.

Public buildings according to the section includes a tenement house, hostel, a building occupied by a tenant, lodger or licensee and any building to which members of the public have access to for the purpose for educational, medical and recreational purpose

According to the act, an occupier or owner of premises who is in default of this section commits an offence and is liable on conviction to a fine of not more than N100,000 or to imprisonment for one year or both.

The act stipulates that 0.25 per cent of the net premium received by every direct insurer on policies issued under the section shall be paid quarterly by every insurer into a Fire Services Maintenance Fund for the purpose of providing grant and equipment to institutions engaged in fire fighting services

Kari said the policy is designed to protect the interest of third-party who could be a worker in an affected building or an innocent third-party who might be unlucky to be in the premises during an incident covered by the act

Before now, he said such people who are affected by fire or any other disaster outbreak in such buildings do not get compensation, adding that “Now he’s going to be compensated by this insurance.”

Kari also disclosed that the commission will activate the fire services maintenance fund through the enforcement of the building insurance act.

He said, “Working with the fire service, we are going to make sure we have an enforcement that will ensure that this aspect of the law is respected.

“In a case of failure of compliance we may have the power to exercise remedy which includes sealing of business, penalizing the occupier or owner of the business.”

26/06/2019

NAICOM to introduce revised insurance distribution policy

The National Insurance Commission will soon introduce a revised insurance distribution channel, which will replace the State Insurance Policy that was cancelled.

The new policy may involve the issuing of new distribution licences to non-insurance bodies, who would be able to sell insurance to every part of the country, according to information obtained from the commission.

The Commissioner for Insurance, Mohammed Kari, said this became necessary to replace the SIP, which was cancelled after the Nigerian Council of Registered Insurance Agents kicked against it.

Kari said that the sector could no longer continue to bear the low insurance pe*******on in the country, while other financial sectors were driving financial inclusion.

He said that when the SIP was introduced, the commission had a meeting with the Nigerian Council of Registered Insurance Brokers and asked them to introduce their inputs, which they had still yet to do.

According to him, the brokers were already exploring the corporate business, while the micro insurance was still lagging behind.

“There is no way a broker with its head office in Lagos can sell to a micro client in the village or Port Harcourt,” he said.

He noted that brokers could not have branches across the country.

“Financial inclusion is unstoppable; we have to continue with it. They have to financially include the excluded people,” he said.

Kari said the regulators of the financial sectors consultative committee collectively reviewed the financial inclusion strategy.

Every sector had what it was supposed to do to include the financially excluded in the banking sector, capital market, insurance, and others, he said.

While stating that financial inclusion was being driven by the government, he said it was necessary to look at other channels to distribute insurance in the country.

Recall that on November 20, 2018, NAICOM released the operational guideline to commence the operations of the SIP in the country.

The NCRIB served NAICOM a 30-day pre-action notice to withdraw the SIP programme, which made the commission to suspend the policy in a circular on December 19.