The National Insurance Commission is pursuing two-pronged actions to get all 2021cleared and outstanding claims settled by insurance companies by March 2023, the second measure is for companies to publish cleared and outstanding claims up and until 2021 in national newspaper.
The Commissioner for Insurance Mr. Sunday Thomas, disclosed this at 2022 Seminar for Insurance Correspondents held in Lagos, pointing out that the deluge of complaints caused the Commission to trigger a ‘technical session’ to take actions that would eventually resolve outstanding claims up and until December 2021.
Thomas said said it has been resolved that the matter of outstanding claims will be put to rest in the first quarter of 2023. He explained that insurers would be required create a schedule of cleared outstanding claims and reason/s why they are outstanding.
In addition to this, he said insurance companies would be required to publish outstanding claims up and until December 2021. The CFI emphasised that these were efforts being made by the Commission to keep outstanding claims off the claims desk of companies.