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| Kari |
Chuks Udo Okonta
The National Insurance Commission (NAICOM) has given underwriters in the country up to September 30, 2015, to clear all outstanding claims or be sanctioned according to stipulated laws.
The commission in a circular signed by the Deputy
Commissioner Technical NAICOM, Mohammed Kari, dated, July 6, 2015 and entitled:
REF: NAICOM/CIRCULAR/CB/JULY2015, issued to all insurance companies, said
henceforth, all claims must be handled strictly in accordance with the
provisions of the Insurance Act 2003.
He noted that as a palliative gesture, the commission shall
allow a grace period until September 30 2015 for companies to clear all backlogs
of outstanding claims as provided in the Insurance Act.
Kari said from October 1, the commission shall evoke the
full application of punitive sections of the Insurance Act, including but not
limited to sections 8 (1) (m), 70(1) (b) and 70(2) without further recourse.
“You would recall that the commission collated claims
details from all insurance companies and complaints on delayed and unsettled
claims from members of the insuring public in its efforts to verify the
persistent complaints of the consumers of insurance about an unsavory attitude
of the providers that has brought the image of the industry to disgrace.
“Our study of the records and the complaints received has
confirmed the truth of this situation which, happily, is perpetuated only by a
few, whose sad posture stains the efforts of the many,” he said.
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