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Chuks Udo Okonta
Determined 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, Head, Communication & Stakeholders Management Sub-committee 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 spent by NAICOM in resolving issues between them and their policyholders.
She noted that NAICOM also charged the operators to settle all outstanding claims and see reasons to settle 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 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 on motor third-party insurance to enable the public 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 can be accessed via:
complaints.naicom.gov.ng
The portal offers a streamlined and user-friendly platform for addressing all Insurance related complaints.
The Commission is urging the public to effectively utilise the platform to reach out to the Commission on all Insurance related complaints.
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