In a bold move to enhance transparency and accountability within the insurance industry, insurance companies in Nigeria will now bear the financial responsibility for cases resolved by the National Insurance Commission (NAICOM). This resolution was reached at the Insurers’ Committee Meeting held in Lagos today.
Briefing journalists at a meeting, the Head of the Communication & Stakeholders Management Sub-committee and Managing Director of Rex Insurance Limited, Mrs. Ebelechukwu Nwachukwu, stated that NAICOM has charged insurance companies to uphold ethical practices and fulfill their claims payment obligations. Companies will now be required to cover the costs incurred by NAICOM in resolving disputes between them and their policyholders.
Mrs. Nwachukwu further disclosed that NAICOM has urged operators to expedite the settlement of all outstanding claims, emphasizing the importance of maintaining trust and credibility within the industry.
Additionally, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Segun Omosehin, announced that the commission would soon introduce draft guidelines on motor third-party insurance aimed at strengthening this vital sector of the industry.
The meeting also addressed the issue of solvency among insurance firms, with the regulator agreeing to organize a session with industry operators to effectively tackle concerns regarding solvency levels.
In a bid to enhance public awareness, the meeting underscored the need to sustain educational campaigns on motor third-party insurance, ensuring that the public fully understands its benefits and operations.
Meanwhile, in its continuous efforts to improve customer satisfaction and ensure swift resolution of insurance-related complaints, NAICOM has launched the NAICOM Complaint Management Portal. The portal, accessible at complaints.naicom.gov.ng, provides a streamlined and user-friendly platform for addressing grievances.
NAICOM encourages the public to take advantage of this platform to report any insurance-related issues, reinforcing its commitment to protecting policyholders and maintaining industry integrity.
