NAICOM helps claimants get over N2.2bn in 2013

Commissioner for Insurance Fola Daniel

Press release

NAICOM FACILITATES SETTLEMENT OF CLAIMS TO THE TUNE OF N2.2BILLION ……….RESOLVED 61 DISPUTES IN 2013

In its continuing efforts at ensuring adequate protection of policyholders and insurance consumers over settlement of genuine insurance claims, the National Insurance Commission (NAICOM) successfully facilitated claims payment of over N2billion in 2013.

RECEIVED COMPLAINTS

The Commission received a total of One Hundred and Ninety Three Complaints (193) from various facets of the Economy, e.g from the Insuring Public, Insurance Companies, Insurance Intermediaries and Legal Practitioners.

SETTLED COMPLAINTS

 A total of Sixty One (61) complaints were successfully resolved in 2013. This was achieved through correspondences, Adjudication meetings and direct contact with the Insurance Companies. The settled cases amounts to the sum of Two Billion, two hundred and thirty six Million, Seven hundred thousand, One Hundred and thirteen Naira and Ninety Two kobo (N2, 236,700,113.92) as represented by the table below; A breakdown of settled cases: S/N INSURANCE

INSTITUTIONS COMPLAINANT POLICY TYPE AMOUNT (N)

1 Crystalife Assurance Federal Medical Center Owo Group life 7,795,980.00

2 Lasaco Int’l Insurance Brokers Fire 33,949,709.39

3 NEM Insurance Dominion SBJ Elite trust Insurance Brokers   1,041,622.20

4 Niger Insurance Fair Plus int’l limited Motor Vehicle 5,745,100.00

5 NICON Insurance Dr. Olanrewaju Vehicle 560,075.34

6 Union Assurance Okeke Udochukwu Maturity Benefit 542,075.34

7 Leadway Assurance Plc NURTW Motor vehicle 397,290.00

8 Equity Assurance NURTW Motor vehicle 48,780.00

9 STACO Insurance NURTW Motor vehicle 397,290.00

10 AIICO Insurance Young Bourdillon Ditimiya Motor vehicle 1,200,000.00

11 Unity Kapital Aura Loss Adjusters Non payment of fees 128,440.90

12 Crystalife & Capital Express Bauchi State Government Group Life 214,113,484.84

13 IGI Mr. Ogun Michael Life policy 361,061.00

14 Law Union & Rock Charles Mekwunye & Co.  Motor 752,142.86

15 Standard Alliance Pastor Ayo Oluwatosin Motor 3,304,800.00

16 Sovereign Trust Opeba Company Nig. No payment of fees 2,000,000.00

 17 Oceanic Insurance Express Discount House Motor 2,078,800.00

18 Aiico Insurance Kayode Isaac Ogunola   2,342,300.00

19 Aiico Insurance Samuel Salako   311,000.00

20   Mayfair Insurance Brokers Mutual Benefit Assurance Plc  Non remittance of premium 2,000,000.00

21 ADIC Insurance Burglary Hennadis Nigeria & Co Burglary 4,261,624.23

22 Standard Alliance  Umeneri Emmanuel Emeka  Maturity benefits 354,516.20

23 A&G Engr. O. Oyelola   Maturity benefits 685,325.71

24 IGI Dr. Umoru Benjamin Motor 540,000.00

25 AIICO Insurance Plc Upper Room Theft 6259,843.86

26 Finsurance Plc Odengene Air shuttle service Limited (part payment) Aviation 60,154,223.98

27 Standard Alliance Afro Asia Garden Fire 705,173.99

28 Standard Alliance Engr. Olufemi Falano Maturity benefit  

29 AIICO Insurance Co. Emmanuel Dunu Nonpayment of Commission 50,000.00

30 Mutual Benefit Ojeifoh Okosun Maturity Benefit 844,204.42

31 AIICO Insurance co Olaniyi Temitayo   52,000.00

32 Guinea Insurance Standwell Int’l Co. Nonpayment of Commission 500,000.00

33 Finsurance  Top quality Fire 66,133,400.00

34 Linkage Insurance&     Royal exchange Top quality  Fire  66,133,400.00

35 Linkage  Mr. Akinbami  Motor vehicle  33,066,700

 36 Standard Alliance Ofoegbu Mahakwe Investment 246,361.56

37 Custodian & Allied Omowunmi Abosede Wale Theft 400,000.00

38 IGI Dominic Daniel Maturity Benefits 3,695,871

39 Financo Brokers Adetanmi Victor Olumide Severence Benefits 200,000.00

40 UNIC Engr. Falano Olufemi Maturity Benefits 336,962.89

41 IGI Flash Multi Services Ltd Motor Vehicle 756,000.00

42 Standard Alliance Edwin Mary Akwaeze Bond 5,000,000.00

43 Standard Alliance Ana Industries Marine 16,000,000

44 Finsurance Finbank Insurance brokers Aviation 31,291,775.55

45 Mutual Benefits Assurance Life MT Stephen & Co Death Benefits 18,000,000

46 Consolidated Hallmark Arizona Insurance Brokers Good in Transit 300,000

47 IGI Olamide Elias& co Death benefit 4,484,079

48 Standard Alliance Life  Sadiq Adeshewa Wakilat  Life  1,060,000

49 STACO Karina Tunyan (San) & Co Marine 55,939,800

50 Anchor Insurance Karina Tunyan (San) & Co Marine 13,984,950

51 IGI Karina Tunyan (San) & Co Marine 10,300,000

52 AIICO Bassio Nig Ltd Good in Transit 5,000,000

53 NICON Insurance ExonMobil Producing Nig Ltd Fire $9,906,619

54 African Alliance Beatrice Chukurah Annuity benefits 101,798.74

55 IGI Oparah Frankka Egolu Life 73,817.00

56 A&G Micheal Abiodun Ayeni Endowm    ent Not Stated

 57 Niger Insurance Lydam Ventures Maturity benefits 10,503,280.00

58 IEI Mosabu Investments Marine 15,000,000

59 Leadway Assurance Ibrahim, haruna hamma Motor vehicle 2,736,963.08

60 NEM Insurance plc First & Foremost investment Ltd Motor vehicle 110,160.00

61 WAPIC Life Assurance Messrs Adeniyi Adeyemi & Frank Odigie Commission 494,244.71    

ONGOING COMPLAINTS

A total of One hundred and thirty two (132) complaints are still at one stage of settlement or the other, whilst some are near closure. 

 ADJUDICATION MEETINGS

The Commission, through its CBU successfully adjudicated and settled a total of 15 complaints during the year under review.

These are; NAMES OF THE COMPLAINANTS NAMES OF THE INSURANCE COMPANIES OUTCOMES OF THE ADJUDICATION MEETINGS Adedeji Ashamu Wapic Insurance Plc Settled

 Jimoh Akintola  Equity Assurance Plc Settled

 Flash Multi service Ltd Industrial & General Plc Settled

 Bharmoss Ventures Nigeria Ltd Law Union & Rock Insurance Plc the case is subjudice

 Kunle Odufayo Linkage Insurance Company Settled

 Upperroom  Aiico Company Ltd Settled Mosabu Investments  IEI  Settled

   Luminium International Ltd IGI      Settled

 Soji Consultancy Standard Alliance Insurance Settled

 Arizona Insurance Brokers Ltd Consolidated Hallmark Insurance Plc Settled

 Bayo Jacobs & Co Leadway Assurance Plc Settled

 Bassio Nigeria Ltd Aiico Insurance Ltd Settled

 Sunplast Industries Ltd IGI & Elismon Insurance Brokers Ltd Settled

 MT Stephen Mutual Benefits Life Assurance Settled

 Finbank Brokers Ltd Linkage Assurance, Royal exchange, Staco Assurance, Finsurance, Sovereign trust, AIICO, Settled

   CASES THAT ARE SUBJUDICE

Bharmoss Ventures Nigeria Ltd v Law Union & Rock Insurance Plc.

 Signed:  'Salami 'Rasaaq, Assistant Director/Head, Corporate Affairs.