The National Insurance Commission (NAICOM) has removed108 insurance brokers out of the list of 421 licensed practitioners operating in the country for failing to renew their licences.
Sources from NAICOM told our correspondent on Sunday that the affected brokers had been operating without meeting the regulatory requirements.
“NAICOM decided to take this action against them because they failed to renew their licences … months after the expiry date,” he said.
The commission has threatened to publish the names of the brokers involved. According to the sources, when their names are published, the affected brokers will not be allowed to renew their operating licences or practise as insurance brokers. If they are still interested in the brokerage profession, they will have to go through another process of obtaining new licences.