NAICOM Declares Zero Tolerance For Non-settlement Of Insurance Claims

…As FRSC moves to stop fake third-party certificate

The National Insurance Commission (NAICOM) has said it will have zero tolerance for any insurance company that fails to pay policy claims to any of its policyholders. This was

The Commissioner for Insurance, Olusegun Omosehin made the declaration during a joint press conference with the Federal Road Safety Corps (FRSC) in Abuja on Thursday.

The commissioner said both the FRSC and all Nigerians should be free to report any issue of irregularity or poor treatment by any insurance company, promising that the commission will treat any report from anywhere.

This was as the FRSC asked the insurance commission to develop a code or technology-based system for easy verification of insurance certificates with a focus on curbing fake certificates in the country. “The issue of fake insurance certificates has to be dealt with. Devise a way to authenticate or verify an insurance certificate,” RFSC’s GCF in charge of training said at the conference, adding that fake insurance certificates are affecting the integrity of the insurance industry.

RELATED

ASO Savings Clears 10-yr Backlog Of Audited Accounts, Sustains Profitability Under New Mgt

5 hours ago

AMCON Sells 60% Stake In Ibadan DisCo For N100bn

13 hours ago

Omosehin said his commission was getting ready to commence electronic settlement of claims to guarantee public confidence in the country.

He said the commission has established a complaints bureau for the report and processing of complaints from the public. He said the reports would be attended to within 24 hours of the complaints.

Omosehin said the bill for increment of insurance capital currently before the National Assembly is part of efforts to ensure that operators in the industry are those that have the capacity and sound enough to handle claims.

Both agencies pledged their commitment to activate an electronic system for easy verification of third-party insurance certificates of motorists across the country.

“NAICOM is here for any area of claims payment. If there are incidents of comains, we will address them, the commissioner for insurance stated.

In like manner, the FRSC Corps Marshal Shehu Mohammed said the Corps is ready to partner anybody, especially NAICOM for the reduction of road accidents. “We are 100 percent ready to implement the third-party insurance,” the corps marshal stated.