The National Insurance Commission has announced the suspension of the operating licence of Prime Investment Insurance Brokers Limited with effect from June 14, 2012.

NAICOM said in a statement on Tuesday that the suspension of the Akure-based insurance broker’s licence would remain until further notice.

It said the suspension became necessary following the unprofessional manner in which the firm handled the Ondo State Government property insurance account.

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

The commission listed some of the infractions committed by the broker to include receiving commission in excess of the maximum prescribed by law; leading a consortium consisting of unregistered brokers; and facilitating the deduction of some amount of money categorised as “Christmas gift” from the premium due to the underwriters.

Source: Punch/Nike Popoola