The Nigerian Council of Registered Insurance Brokers was established by an Act of the National Assembly (NCRIB Act No. 21 of 2003) which was signed into law by the then President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, Chief Olusegun Obasanjo, GCFR on 4th July, 2003 . The Council succeeded the Nigerian Corporation of Insurance Brokers founded in 1962 and incorporated on 9th May, 1967 as a non-profit making organization limited by guarantee under the Companies Act (1968). The Council is the Umbrella Association of all Registered Insurance Brokers in Nigeria who are by law expected to be registered by it before they can be licensed to operate in the Nigerian Insurance market by the National Insurance Commission.
Objectives of the Council
- To establish and maintain a central organization for Insurance Brokers and generally do all such things as may, from time to time, elevate their status and safeguard and advance their interest and procure their general efficiency and proper professional conduct, with a view to ensuring for the community, the existence of a class of Insurance Brokers who can be relied upon as being trustworthy and duly qualified to perform their responsible duties.
- To watch over legislation affecting Insurance Brokers, and to promote, or support and assist in any legitimate manner, the carrying into effect of any legislation having for its object the common interest of members, of the Council and the general public.
- To afford means of arbitration on, or for settling disputes, or questions between members of the Council, or between members and third parties.
- To collaborate as appropriate with government and with various institutions and professional bodies in achieving the objectives of the Council.
- To organize as it deems fit along or in association with other institutions or professional bodies, Conferences, Seminars and Workshops on general and specific areas of insurance.
- To develop, establish and set up Area Committees and Chapters effectively networking with the Secretariat.
- To formulate and maintain a standard of conduct for members and to encourage the appropriate professional attitudes by members.
For the purpose of registration as members, the number of the Council is unlimited. At present, there are over 550 registered members of the Council.