Chuks Udo Okonta
The National Insurance Commission (NAICOM) is working out measures to ensure that insurance companies pay claims within hours instead of the present 90 days window period.
The Director Inspectorate, NAICOM, Thompson Barineka, disclosed this in Benin Edo State. He noted that the commission is putting up a measure that would enable it follow-up all claims to the point of payment.
In line with this initiative, the commission has given one month notice to all insurance companies to furnish it with all outstanding claims in their books.
The commission disclosed through circular tiled: “circular to all insurance companies: Outstanding claims NAICOM/CB/ ASA/RIC/-049” dated 20th January, 2015 and signed by Deputy Commissioner for Insurance Technical, Mr. Mohammed Kari, that it is determined to bring to an end the issue of unpaid claims settlement which is negatively imparted its quest to deepen insurance penetration and trust in the country.
The circular thus read: “Consequently you are required; within four (4) weeks from the date of this circular; to furnish the commission with all outstanding claims in the registrar of your company, inclusive of the following information: Name of insured/claimant; Policy number; Claim number; date of loss/accident; date of report; Quantum/estimate and reasons why the claim is still outstanding.
“The information should be entered to www.naicom.gov.ng/outstandings ; and a signed hard copy sent to the office of the Commissioner for Insurance.”
The circular further said that the commission reserve the right to verify all information supplied and any variance found will not be condoled and would attract full regulatory sanctions as provided by law
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