Commissioner for Insurance, Fola Daniel
From Benjamin a ameh, Lagos
The issue of unpaid claims is a major controversial in insurance industry all over the world, therefore, in Nigeria, the apex regulator in the sector, National Insurance Commission (NAICOM) has directed all insurance underwriting firms to send their operational records as regards to all outstanding claims in their registrar within one month period.
This movement is inline with the commission its efforts to ensure prompt settlement of claims by operating firms.
In a circular tiled “circular to all insurance companies: Outstanding claims NAICOM/CB/ ASA/RIC/-049” dated 20th January, 2015 and signed by Mohammed Kari, Deputy Commissioner for Insurance Technical, disclosed the commission determination to bring to an end the issue of unpaid claims in the industry.
The issue of unpaid claims is negatively impacting commission quest to deepen insurance penetration and trust in the country, therefore, apex regulator will do all possible things to see to an end.
The directive circular excerpts: “You are required within four weeks from the date of this circular; to furnish the commission with all outstanding claims in the registrar of your company, inclusive of the following information: Name of insured/claimant; Policy number; Claim number; date of loss/accident; date of report; Quantum/estimate and reasons why the claim is still outstanding.
The circular further stated that “the information should be sent to www.naicom.gov.ng/outstandings; and a signed hard copy sent to the office of the Commissioner for Insurance.”
The NAICOM reiterated that the commission reserves the right to verify all information supplied and any variance found will not be condoled and would attract full regulatory sanctions as provided by law.
