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NAICOM harps on prompt claims payment

Published by Tribune on Fri, 07 Sep 2012

The Commissioner for Insurance, and boss, National Insurance Commission (NAICOM), Mr Fola Daniel, has reiterated that the commission would ensure that operators adhere strictly with the ethics of prompt claims payment to the insured public. Mr Daniel, who has since assumption of office as the commissioner, set up a public complaint bureau to mediate between insurers and the insured public on issues relating to default in claims payment, disclosed that the commission was making consistent progress in waging war against defaultersThe commissioner also said that prompt claims settlement remained the best instrument for insurance awareness and growth, stressing that insurance apathy in Nigeria was as a result of past default in claims settlement.He stated that the Commission would continue to ensure that operators live up to their claims responsibility, adding that the commission's complaint bureau had received 86 claims complaints this year, with 52 resolved and 34 in court.However, Daniel enjoined policyholders to ensure that they obtain their policies from NAICOM-registered insurance companies only, adding that policy obtained from fake insurance institutions had no liability attached and no compensation could be received if such complaints were made to the commission.According to him, the consumer protection unit of the Commission was properly positioned to handle such complaints with dispatch. While enjoining insured public to refer their cases to the complaint bureau, Daniel said any defaulting company would be required to pay such claims, while stressing that non payment of genuine claims was enough ground to suspend or cancel the operational certificate of a registered insurance companyHe further threatened that operators who consistently fail to settle discharged claims promptly would have their licence revoked, adding that insurers had been mandated to henceforth administer claims in accordance to standard of insurance practice.
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