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| From left: Senior Manager, Corporate Communications National Insurance Commission, Abba Halil Inuwa; Head, Communication & Stakeholders Management Sub-committee and Managing Director Rex Insurance Limited Mrs. Ebelechukwu Nwachukwu and Executive Secretary Nigerian Council of Registered Insurance Brokers, Tope Adaramola at the event. |
In a bold move to restore transparency and accountability in the insurance sector, the National Insurance Commission (NAICOM) has introduced a new policy requiring insurance companies to bear the costs of all resolved complaints, effectively ending frivolous excuses and promoting fairness for policyholders.
This was part of the resolutions reached at the Insurers’ Committee Meeting held in Lagos, Nigeria. Marking a significant shift towards enhanced consumer protection and industry discipline, the National Insurance Commission (NAICOM) has mandated insurance companies to cover the costs of all complaints resolved through its intervention, thereby eliminating unnecessary delays and excuses that often plague policyholders
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 complaint management portal can be accessed via:
complaints.naicom.gov.ng
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