The Nigerian Insurers Association (NIA), says its committed to engagement with the Institute of Loss Adjusters of Nigeria (ILAN). The engagement policy of the Association, the NIA chairman Olusegun Omosehin said, has connected it to Nigerian Corporation of Registered Insurance Brokers and the loss adjusters will follow after.
Omosehin who gave the assurance at a recent media parley in Lagos said its engagement process already on going with another trade body is a continuous one that brings up benefits and opportunities “as we partner along and it will be same with ILAN.”
He cleared that the first meeting has not happened but has been planned for the year. He promised that “the engagement with ILAN will commence soon. Already there has been communications but we have not had the first meeting. Its a work in progress.”
The engagement ILAN will be bringing to the table Business Post gathered will be centered on recent developments as it relates to the partnership with insurers and making NAICOM circular on Inter Company Balances And Payment of Loss Adjuster’s Fee, a working tool.
The circular mandates the underwriter to settle its portion of the claim on co-insurance, facultative reinsurance or retrocession obligations not later than ten days from the receipt of the request for refund (payment) from the lead underwriter/cedant where the lead .cedant had settled same.
To make adjusters fee payment seamless, the circular states “underwriter(s) shall settle its portion of a loss adjuster’s fee not later than 10 days after the submission of the adjuster’s report to the underwriter(s).