Economy
THE Commissioner for Insurance, Mr Olusegun Omosehin, has emphasised his administration’s commitment to ensuring timely payment of genuine claims by insurance companies to policyholders.
Omosehin, also Chief Executive Officer (CEO) of the National Insurance Commission(NAICOM) said this at a news conference held on Wednesday in Lagos.
He said that one of the primary objectives of his administration was to restore public confidence and trust on the insurance industry.
To address complaints and issues related to claims payments, Omosehin noted that the commission had established a Directorate for Market Conduct and Complaints Bureau.
Omosehin stressed that the attitudes of market operators toward claims payments must change.
He insisted that NAICOM would not tolerate practices that unfairly prevent customers from receiving their claims, except in evidence of fraud.
Omosehin explained, “We must move away from not settling claims and instead focus on finding reasons to settle them.
“If there is a single reason why a claim should be paid, then it should be settled.
“Sometimes, what is defined in a policy statement may not happen exactly as stated, but if disagreements are not due to willful acts, there is a reason to pay the claims.”
He highlighted that the core business of insurance is about selling promises of indemnity in case the unexpected happens, and must be delivered at the point of claims.
Omosehin also acknowledged the existence of some struggling insurance companies within the industry.
He assured that NAICOM had always follow statutory processes in handling these situations, focusing on restoring affected companies to protect policyholders rather than shutting them down.
The commissioner vowed that the regulator would go after managers of ailing insurance companies who contributed to their failure.
Omosehin stated that such operators would be blacklisted and barred from holding positions in the insurance industry.
According to Omosehin, his administration has developed five key strategies to rejig the industry and these include: safeguarding policyholders interest, strengthening internal capacity to regulate the industry.
The commissioner also mentioned ensuring sound operators who meet their obligations, fostering innovation, and improving market accessibility and penetration. (NAN)
22nd August, 2024.
C.E.
Tags: commissioner for insurance Olusegun Omosehin
