NAICOM resolves N1.22 b claims disputes

NAICOM resolves N1.22 b claims disputes

Chuks Udo Okonta

The Complaints Bureau of the National Insurance Commission (NAICOM) has facilitated the settlement of N1, 220,645,790.09 claims disputes in the first half of this year, Inspen has learnt.

A statement by the Assistant Director, Corporate Affairs, NAICOM, Lucky Fiakpa, said the Bureau resolved 52 cases within the period.

He said the Bureau dealt with a total number of 349 cases and held four adjudication meetings, adding that out of this figure, 86 of them were fresh complaints while the remaining 263 are existing/ongoing cases.

Fiakpa said the outstanding claims are currently receiving the attention of the Commission, with a view of achieving a quick resolution to the satisfaction of all stakeholders, particularly, members of the insuring public.

 He said: “The resort to the Bureau for settlement of claims disputes by the insuring public is an indication of the level of awareness of this channel of dispute resolution in the Commission.

“Insurance companies have been made to accept the fact that it is no longer business as usual as their responses and compliance with the Commission’s directives had witnessed an improvement compared to previous periods.

“Consequently, not less than 85 per cent of the insurance institutions responded to queries or directives issued to them for claim settlement during the period.  Majority of the 15 per cent residual are largely claims already before courts of competent jurisdiction and therefore prejudicial for the Commission to intervene.”

He said the complaints received this year were mainly those involving non settlement of claims on Motor Insurances, Marine, Life, Bond Issues and Pension matters, stressing that the complaints were received from individual policy holders, beneficiaries, government agencies, SERVICOM, Legal Aid Council and Public Complaints Commission.