Akure insurance broker suspended

The National Insurance Commission (NAICOM) on Wednesday in Abuja suspended Prime Investment Insurance Brokers Limited from doing business as insurance brokers.

A statement issued by the commission’s spokesman, Lucky Fiakpa, said the suspension was effective from June 14.

“The suspension of the Akure-based company’s licence would remain until further notice. The suspension became necessary following the manner in which the firm handled Ondo State Government’s property insurance account.

“After a careful study of all issues relating to the account, the commission was satisfied that your company acted unprofessionally without regard to ethical standard expected,” the statement said.

It said some of the infractions by the broker included receiving commission in excess of the maximum prescribed by law.

It stated that the firm led a consortium of unregistered brokers and facilitated the deduction of money categorised as Christmas gifts from the premium due to the underwriters.The statement warned the firm against violating the suspension order to avoid cancellation of its licence.