The Nigerian Council of Registered Insurance Brokers, Lagos Area Committee, has urged its members to prepare for the opportunities and challenges in the Insurance Reform Bill, which has been passed by the National Assembly.

During a session at its last Annual General Meeting in Lagos, focused on the anticipated Nigerian Insurance Industry Reform Act themed ‘The Nigerian Insurance Industry Reform Bill 2024: The Implications for Insurance Brokers’ NCRIB-LAC provided members with insights into key provisions of the bill and its potential impact on broking operations, compliance, and professional development.

The Deputy President of the Nigerian Council of Registered Insurance Brokers, Mrs Ekeoma Ezeibe, who facilitated the session, highlighted to the participants the various sections of the bill and provided answers to questions asked by the brokers.

The Chairman of NCRIB-LAC, Oluremi Oduwole, in his comments, noted that the session was a proactive one to prepare brokers for the bill, which has yet to be assented to by President Bola Ahmed Tinubu.

He said the law is expected to enrich the broking practice and broaden the scope of its operations but, on the other hand, come with challenges which brokers must all be aware of and prepare for.

Present at the meeting were the Head of the Department of Insurance at the Lagos State University and some selected students of the Department of Insurance.

“To make this event more resounding and resourceful, I am happy to disclose that we are having in our midst the Head of the Department of Insurance at the Lagos State University and some selected students of the Department of Insurance here. The purpose is for them to come and learn and engage as well as have first-hand information about the practical operations of insurance brokering as a way of bridging the town and gown strategy of learning,” he said.

He also noted that the recently launched insurance clubs in all public secondary schools in Lagos State offering insurance were informed by the fact that brokers’ impact must continually be felt in levels of strata of the educational institutions in the state and in the principle of catch them young for the sustenance of the broking profession and the industry.