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As Nigeria prepares to join the African Continental Free Trade Area (AfCFTA), insurance brokers are seeking answers on how the agreement will impact their industry. During the Enlightenment Workshop for Insurance Brokers, organised by the Nigerian Insurance Industry Committee on AfCFTA (NII-AfCFTA), brokers raised concerns about the insurance regulatory framework across Africa.
One broker, Omowa, asked, “What would be the insurance regulatory framework across Africa, bearing in mind that some African countries’ insurance regulators do not regulate their brokers as much as Nigerian brokers are?”
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Emily Mburu-Ndoria, Director Trade in Service, Investment, IPR, and Digital Trade, AfCFTA Secretariat, responded, “Each country’s domestic regulations stand under AfCFTA. Under the AfCFTA, every nation’s domestic regulations will prevail, but there would be mutual recognition between countries.”
Mburu-Ndoria emphasised that the agreement would not prevent member countries from having their regulations but would help strengthen regulations to align with international best practices. She urged insurance brokers to position themselves for the benefits provided by the agreement.
Another concern raised by brokers was whether continental practitioners needed a fresh license from the regulator, the National Insurance Commission (NAICOM), and the trade association, the Nigerian Council of Registered Insurance Brokers (NCRIB).
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Mrs. Ekeoma Ezeibe, Chairperson, Nigerian Insurance Industry Committee on AfCFTA, noted that the World Trade Organisation (WTO) Protocol signed in 1995 may have opened up some parts of the insurance sector in Nigeria 100%. She cautioned that operators may not negotiate their way out of the situation even if an interested state party wishing to come into Nigeria to carry out some aspect of the insurance business had not opened up their side as wide as theirs.
Ezeibe also highlighted that the law of reciprocity might not provide insurance practitioners with an opportunity for cover.
As Nigeria prepares to join the AfCFTA, insurance brokers will need to navigate the complexities of the agreement and its impact on their industry. With the right guidance and support, they can position themselves to maximize the benefits of the agreement
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