Fidelity bank banner Bayelsa State banner
No going back on deadline for insurance firms on outstanding claims -- NAICOM

By News Express on 17/08/2015

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,769


The Commissioner for Insurance, Alhaji Kari Muhammad, has said that NAICOM will not go back on the Sept 30 deadline for insurance companies to clear all outstanding claims of policy holders.

Muhammad said in an interview with the News Agency of Nigeria (NAN) in Lagos on Sunday that, “National Insurance Commission (NAICOM) would enforce the deadline on effective claims management.

“Other reasons for implementing such deadline and sanctions are effective trade practices and fair treatment of policy holders and intending consumers.”

Muhammad said for Nigeria’s insurance industry to be relevant, the prescribed standard of practice set by the commission should be implemented.

He said the claims Management Guidelines document requires each insurer to develop, document and implement claims management and payment policies.

The commissioner expressed dissatisfaction with large numbers of unpaid claims by insurance firms, including those with robust capital bases.

Muhammad said if the situation was allowed to continue, the growth of the industry would be stalled, noting that the current industry level was still below 35 per cent.

“Also, policy buyers and intending ones will easily lose confidence in the sector as it deepens the poor image of insurance practice in Nigeria.”

Muhammad said NAICOM was determined to check bad practices in the industry through effective claims management and ensure adherence to global standards.

He commended his predecessor in office, Mr. Fola Daniel, for designing policies that encouraged growth in the industry.

“Before 2007, the industry capitalisation was just N98 billion with 11 per cent growth rate,’’ Muhammad said and added that the former management settled complaints worth N4.2 billion.

NAN recalls that NAICOM, in a circular on July 6 gave insurance firms up to Sept. 30 to clear all outstanding claims of customers or be sanctioned.

The commission said from Oct. 1 it would invoke the law and punish defaulting firms. (NAN)

 

Source News Express

Posted 17/08/2015 02:59:30 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Rivers Re-run: INEC suspends election in Akuku-Toru LGA...

NUT strike paralyses academic activities in Bayelsa public...

Insecurity: ‘Buhari has lost control’

YOU ARE A TRAITOR AND A MISFIT —New...

Nigerian troops nab 3 mercenaries during Borno gun...

Pastor on trial for fraud orders church members...

Activists demand arrest, prosecution of security operatives who...

Troops ambush Boko Haram suicide bombers in Maiduguri...

Aregbesola deceiving Osun people: CSOs

Army confirms surprise attack by Niger Delta militants,...

We get N15m monthly and spend about N50m...

Kaduna Govt. recovers over 19,000 stolen cows

 

Latest News Police officer who breastfed crying baby in a hospital sets internet ablaze Okowa congratulates Paul Usoro on his emergence as NBA President Eid-el-Kabir: Pray for Nigeria’s unity, peace, Ereyitomi advises Muslims CAA Asaba 2018, Delta’s dirty politics and the 2019 elections Special security force nabs gunrunner, soldier, policeman, 4 Fulani militia men fuelling herdsmen/farmers crisis Madumere wins again as court refuses to vacate order restraining the swearing-in of new Imo Deputy Gov 2 Nigerian pilgrims die in Saudi Arabia — NAHCON Mad man stabs monarch to death in Ekiti Soldier, 21 herdsmen die in Benue gun battle Ngige eyes Anambra Central Senatorial seat, says he is under pressure to contest Boko Haram razes 40 houses in reprisal attack Police uncover plan to disrupt Sallah, Durbar celebrations in Kwara

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (379,483 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (367,653 views) Shameless Genevieve Nnaji exposes breasts in public (297,421 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (242,676 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (223,749 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (217,679 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (193,364 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (175,515 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (160,089 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (159,027 views) Lagos plane crash: Journalist releases victims’ names (153,296 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (143,522 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,468) Business Verdict (48) Columnists (912) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (529) Features (642) Global Business Monitor (295) International (2,283) Interview (162) Live Commentary (28) Love Matters (136) News (38,186) Opinion (1,064) Pidgin (11) Politics (6,115) Religion (834) Sports (1,655) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Yinka Ayefele's Music House Demolished

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement