The insurance regulator objection to outstanding claims in the books of insurers was a weighty issue at recently held Insurers Committee Meeting held in Lagos and the National Insurance Commission stands on its stand that outstanding claims should be resolved going forward.
However, the Commission acceded to the position of the insurers that publication in the media should only happen after such had been published in Nigerian Insurers Association portal for at least three months after which media option will follow if the claims remained unpaid. This not in any way shift the Commission’ outstanding claims firm footing. Its position hardly misses a stout mention at insurance fora.
The current position was relayed by the chairman Publicity-Sub Committee, Ebelechukwu Nwachukwu, during a media briefing shortly after Insurers Committee Meeting held in Lagos, clearing the current position regarding where outstanding publication of claims should be published the Chairman Publication sub-committee stated, “Initially the regulator had encouraged companies to publicised outstanding claims because of the lot of claims are reported but supporting documents are not provided and they remained as outstanding claims. In some of the insurance books they are provided for and those provisions have stayed for many years.
“The regulator encouraged companies to advertise unpaid claims but the decision was for it to be done on the platform of NIA initially for the first three months actively to encourage people who have lodged claims to contact their insurance company. After three months we look at the impact of the advert in terms of what is outstanding and then companies can be mandated to do their advert individually.
She said the position of the Committee on the ECOWAS Brown Card was strict harmonisation of the process by making sure that the same certificate is issued across all West African countries that are signatory to it.
The featured pictured: From left: Managing Director/CEO at SUNU Assurances Plc,Sammy Ogbodu; Mr Rasaaq Salami, the Head, Corporate Communications and Market Development of NAICOM; Chairman Publicity-Sub Committee, Ebelechukwu Nwachukwu and Managing Director/ CEO of REGIC; Executive Secretary/CEO, Nigerian Council of Registered Insurance Brokers, Tope Adaramola and Managing Director/CEO, NSIA Insurance Ltd, Moruf Apampa, at the media briefing at the weekend in Lagos.