The Nigerian Corporation of Insurance Brokers, the precursor of the Council, was established in 1962 to provide a central organization for the regulation of all practicing Insurance Brokers in Nigeria.  This body got its first legal recognition in 1991 when the Insurance Decree N0 58 of 1991 made compulsory for all practicing Insurance Brokers to be members of this body before being registered by the Commissioner for Insurance.

However, the brokers quest for full legal recognition through the acquisition of a Charter did not materialize until 2003 when the National Assembly passed the NCRIB Bill and the President, Chief Olusegun Obasanjo, GCFR gave his assent on 4th July, 2003.  The name of the body was thereafter changed in pursuant of the enabling Act to The Nigerian Council of Registered Insurance Brokers (NCRIB).

With the signing into law of the NCRIB Act, the insurance broking profession received full legal powers to be able to regulate the practice as a reputable profession, that is an integral professional arm of the Nigerian Insurance Industry.  Section 13 of the Act confers on this body, exclusive powers to regulate the conduct of all registered insurance brokers in Nigeria (both individual and corporate members).