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NAICOM to collaborate with insurance brokers on tax issues

The National Insurance Commission (NAICOM) has announced plans to collaborate with the nation’s insurance brokers to ensure that due processes are followed in the area of tax payments and levies by the brokers.

Disclosing this on Wednesday, in Lagos, at the Mid-Year Workshop of the Lagos Chapter of the Nigerian Council of Registered Insurance Brokers (NCRIB), the Commissioner for Insurance, Alhaji Mohammed Kari, stated that the collaboration had become necessary to enable the regulatory body ensure that the nation’s brokers paid their taxes regularly and were not over-charged in the course of observing these civic duties.

While commending the chapter for organizing  the 2016 Mid-Year Event, the Commissioner, who was represented by the Council’s  Deputy Commissioner, Finance and Administration, Mr. George Onakena, noted that such platform would go a long way in enhancing insurance broking business in the country; since it provided that necessary avenue for stakeholders to cross-fertilise ideas.

Describing the nation’s economy as going through turbulence, especially with the foreign exchange challenge, Onakena argued that the time had come for insurance brokers to be professional in order to weather the economic storm.

He added that the Commission would soon introduce a framework/roadmap for risk-based supervision, with entities that carry huge risk, such as insurance business, getting the required attention.

‘The industry is a great one. That is why we must make sure that the profession is  respected.  We are regulators and our intention is to encourage the market to grow.”

“We knew what we inherited from those before us, and the more reason we must ensure that  we pass down a thriving industry to to those coming after us.

“One of our plans is to collaborate with  NCRIB in the area of tax issues. It is a way of ensuring that insurance brokers pay their taxes as at when due, and also prevent them from being over-taxed,” he stated.

Explaining the rationale behind organizing the event, the Chairman, Lagos Chapter of  NCRIB. Mr. Ayo Akande, stated that the platform provided the opportunity for insurance brokers in the Chapter to discuss issues of common interest and also celebrate members who had celebrated landmark events in June, July and August.

He assured the public of the Chapter’s commitment to upholding ethics and professionalism among its members.