13 hours ago
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The Commissioner For Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, Wednesday charged that there shall be no hiding place for insurers who fail to meet their claim obligations.
He stated this in his remarks at the 2024 Insurance Directors Conference with the
Theme: “Board Performance In Nigerian Insurance Industry: A GRC Approach”, in Lagos.
The CFI said as a Commission which prioritizes enforcement of law and swift action against any insurers, disregard to settlement of claims or late settlement of claims will not be tolerated henceforth.
“The Commission’s primary focus is on ensuring timely payment of genuine claims (payment of claims and timely too). We expect all insurers to significantly reduce their outstanding claims by the end of the year, as emphasized during the last Insurers Committee meeting.
“Unnecessary delays in the settlement of genuine claims will no longer be tolerated. As a Commission, we are committed to strictly enforcing the law and taking swift action against any insurer failing to meet their claim obligations. Simply put, if a company cannot honor legitimate claims, it has no place in our industry”.
Omosehin urged insurers to take seriously the issue of capitalisation which speaks of sound financial stability of the insurance institution.
“The financial stability and soundness of our institutions are now more vital than ever. To remain relevant and competitive, our institutions must comply with all the relevant prudential regulations and requirements.
