The13th Insurance Committee meeting which took place today and chaired by the Commissioner for Insurance and CEO, Mr. Sunday Thomas and all the trade bodies in attendance which took place today in Lagos was a hallmark of measured applause, fitted knocks, encouraging future outlook and policy retouch and turns.
The National Insurance Commission not relenting on its resolve that claims should be paid, reminded insurers that claims payment is akin to revolving door which underwriters have obligation to and default is a ground for cancellation of licence.
Reinforcing the Commission’ stand, the Head Corporate Affairs and market development Rasaaq Salami, said insurance companies CEOs were reminded of the provision of the law as far as the issue of repudiating claims was concerned and that the law allows NAICOM to withdraw and cancel licence in the event of non settlement of claims.
Insurers also promised that going forward, there would be renewed commitment to claims payment, the insurers position was relayed by Jide Orimolade, chairman media subcommittee and CEO, Stanbic IBTC Insurance.
While the public continues to wait until the first quarter of 2023 to know the approved motor insurance tariff which would be cleared by the Minister of Finance, the revised bancassurance guidelines is scheduled to be released Friday, December 9, 2022.
In the expected guidelines, bank exclusivity is out of reach to any insurance company. The guidelines follows the CBN rule that gives other competitors a space to establish a market deal with as many banks as possible, thereby deflating any edge a bank owned insurance company might be expected to tread on.
Also within the space of turns is current discourse to raise the capital of micro insurance and Takaful companies to a threshold that fits the present economic dictates.
The Committee were briefed that allis not lost on getting the Insurance Bill 2020 done within the year. The Commission promised that the bill would be presented at the floor of National Assembly before the end of the year.
While the annuity pension had turned sour for some life companies, life assurance companies were encouraged to rate the business as a potential for growth.
However, NAICOM which until now had expressed concern over the laggards who ignore the insurance portal, commended insurance companies for the over 90% compliance with policies upload to the portal.
In the same wise the Commission and operators expressed optimism that they now have necessary capacity to comply with IFRS 17 which commences January 1, 2023 and would be the basis of reporting 2023 report and accounts.
