To sanitise the insurance industry and stop frivolous excuses that often push policyholders into flooding the National Insurance Commission (NAICOM) with complaints, insurance companies would henceforth pay for all cases resolved by the regulator.
This was part of the resolutions reached at the Insurers’ Committee Meeting held today in Lagos.
Briefing journalists after the meeting, the Head, Communication & Stakeholders Management Subcommittee and Managing Director Rex Insurance Limited, Mrs. Ebelechukwu Nwachukwu, said NAICOM has charged insurance companies to operate ethically and live up to their claims payment responsibilities, as they have to pay for the time NAICOM spends resolving issues between them and their policyholders.
She noted that NAICOM also charged the operators to settle all outstanding claims and see reasons for settling claims.
She said the Commissioner for Insurance and Chief Executive Officer of NAICOM Segun Omosehin, at the meeting, told the operators that NAICOM would soon expose draft guidelines on motor third-party insurance that would help strengthen that class of insurance business.
According to her, the issue of solvency was also addressed, by the regulator and it was agreed that the regulator would organise a meeting with the operators to effectively address the issues identified around companies’ solvency levels.
She submitted that the meeting agreed to sustain awareness of motor third-party insurance to enable the public to understand fully how it operates.
Recall that the National Insurance Commission in its ongoing efforts to effectively address complaints and ensure swift resolution to all Insurance related issues has launched the NAICOM Complaint Management Portal.
The portal offers a streamlined and user-friendly platform for addressing all Insurance-related complaints.
The Commission is urging the public to effectively utilize the platform to reach out to the Commission on all Insurance related complaints.
