NAICOM attaches certain benefits to claims payments

From left: Vice President South-South INSCAN, Tamuno George; The Deputy Commissioner Finance and Administration, NAICOM, George Onekhena and President Nigerian Council of Registered Insurance Brokers (NCRIB) Ayodapo Soderu at the event.

Chuks Udo Okonta

Insurance Companies must now live up to their claims responsibilities before they can access assistance from the National Insurance Commission (NAICOM) Inspen has learnt.

The Deputy Commissioner Finance and Administration, NAICOM, George Onekhena, disclosed this today at the launch of public enlightenment and consumer protection programme on insurance by the Insurance Consumers Association of Nigeria (INSCAN) in Lagos.

He noted that the decision was taken to ensure that companies keep to their promises on claims payment, adding that one of the core duties of the commission is to provide adequate protection for policyholders.

Onekhena said companies with claims issues, which approached NAICOM for approval on certain initiatives are asked to resolve the issues before their desires are granted.  

He noted that the commission through its complaint bureau has helped to resolved several claims issues, ensuring that the insuring public is not denied their claims.

He lauded the establishment of the INSCAN, noting that the body has come to complete the insurance chain which includes the regulator; operators and consumers. He added the coming of the association will also help deepen awareness which would be better handled by the consumers.

He called on insurance operators to cooperate with the association to ensure that overall objectives of the industry are achieved.

 

From left: National Technical Adviser INSCAN, Yemi Soladoye and Vice President South-South INSCAN, Tamuno George at the event.

National Technical Adviser INSCAN, Yemi Soladoye, noted that the association’s duties far exceed the resolution of grievance, adding that its objectives centre on the protection of the interest of insuring consumers; create awareness; standing in the middle between insurers and the insured and fostering unity and progress between insurers and the public.

The National President INSCAN, Rr. Admiral Isaac Areola (rtd), said the association is poised to help grow insurance business in the country by ensuring that insurers and consumers live up to their responsibilities.