National Insurance Commission revokes licences of four insurance brokers for non-compliance

The National Insurance Commission (NIC) has taken decisive action in accordance with Sections 112 and 117 of the Insurance Act, 2021 (Act 1061), by revoking the licences of four insurance brokers.

In an official notice, the NIC identified the affected entities as Allied Insurance Brokers Limited, Glow Insurance Brokers Limited, Ideal Insurance Brokers Limited, and Premier Insurance Brokers Limited.

These companies have been declared ineligible to operate as insurance brokers under the Insurance Act, prompting the NIC to caution the general public against engaging in any insurance transactions with them. The NIC emphasizes its commitment to safeguarding the interests of insurance policyholders, reiterating the importance of compliance with regulatory standards within the industry.

This move underscores the regulatory body’s dedication to maintaining the integrity of the insurance sector and ensuring that consumers are protected from unauthorized and non-compliant entities. The NIC’s decision serves as a reminder of the stringent measures in place to uphold the highest standards within the insurance industry for the benefit of the public.