“Claims! we have done a lot, and we are still doing a lot to ask insurance companies to be alert to their responsibilities. Recently, we’ve issued letters to insurance companies to begin to advertise asking those who have claims to come up with their documents to enable them conclude documentation and effect payment. We have written and given them time frame in which to get this done.”
This is the position of National Insurance Commission and the Commissioner for Insurance, Olorundare Sunday Thomas, made it clear at the ongoing Journalists Conference at Ibom Icon Hotel & Golf Resort, Uyo, Akwa Ibom State, that “there would be consequences” for those companies who ignore the clear cut standing rule. However, Thomas is unambiguous in his mind that companies would follow the new claims processing rule as it is.
He said claims have been hanging because a lot of them have issues with non documentation and getting this done “will enable companies effect payment.”
“For companies that are not paying claims that have been fully documented of course there will be consequences,” and this according to the Commission includes name and shame and it does not stop there the claims would still be paid. He said against his own rule he has had course to ask companies to pay outstanding claims and it was done within 72 hours. “But I don’t enjoy doing such things, it shouldn’t be like that. Companies should willingly go ahead and settle their claims.”
He noted that the few ones that are not settling are the ones creating problems, but there so many claims that are being settled and nobody is talking about that. “But we (Commission) are doing so much in the area of asking companies to settle claims.”
