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Chuks Udo Okonta
The National Insurance Commission (NAICOM) has said it would go after managers of ailing insurance companies, vowing not to allow them go with their misdeeds.
The Commissioner for Insurance/Chief Executive Officer NAICOM Olusegun Omosehin, said this today at press conference in Lagos, adding that people who run down insurance companies would be made to revive them.
He submitted that henceforth people who have been involved in the failure of insurance companies would be blacklisted and barred from talking up positions in the insurance industry.
Omosehin said his administration in the past three months of assuming leadership at NAICOM, has been working hard to reposition the industry.
He submitted that NAICOM has being following statutory processes in handing ailing companies, stressing that the Commission is not interested in killing companies, but ensuring that they are revived to ensure protection of policyholders.
He said the mandates of his administration are to regulate; coordinate and develop, stating that the key focus are: Passion to prioritise consumers issues; strengthen NAICOM’s capacity to regulate; soundness of operators; innovation and accessibility/deepening penetration.
He said his administration has also prioritise prompt claims payment as operators are now encouraged to pay genuine claims without any complaint.
He maintained that the industry has to be positioned to meet the federal government’s ambition of achieve $1 trillion economy.
He solicited supports from all stakeholders to enable NAICOM accomplish the mandate of building a very strong and acceptable insurance industry.
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