The National Insurance Commission has removes 108 insurance brokers, out of the list of 421 licensed practitioners operating in the country, for failing to renew their licences.
Sources from NAICOM told The Punch that the affected brokers had been operating without meeting the regulatory requirements.
Quoting the source, The Punch said: “NAICOM decided to take this action against them because they failed to renew their licences … months after the expiry date.”
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.