The National Insurance Commission (NAICOM) has said it would sack managing directors of insurance companies that refuse to settle indisputable insurance claims.
\nNAICOM spokesman, Rasaaq Salami, said in a statement that the Commissioner for Insurance (CFI), Alhaji Muhammed Kari, announced the sanction at the on-going 2017 Chartered Insurance Institute of Nigeria (CIIN) Professional Forum in Abeokuta.
\nThe statement quoted Kari as saying that, \u201cthe commission had received various requests from claimants to use companies statutory deposits to settle discharged claims as stated in the law.
\n\u201cWe are however alarmed by the incessant complains of failure of insurance companies to settle genuine claims and discharge claims to policy holders.
\n\u201cThese claims and balances have risen to an unacceptable level where again we are now required to withdraw the self-regulation option given operators to total enforcement of the law.
\n\u201cThe commission is now also looking at the operations of intermediaries that hold back clients and companies money, collude to steal or corruptly operate,
\n\u201cSuch actions being criminal would be forwarded to the appropriate law enforcement agencies, \u2019\u2019 Kari said
\nEarlier at the event, Governor Ibikunle Amosun of Ogun, called on operators to develop products that Nigerians needed.
\nAmosun urged the insurers to use their operations to create wealth and collaborate with the government on infrastructural development.
\nHe further urged them to collaborate with higher institutions to boost insurance knowledge, while assuring that his administration would continue to provide conducive environment for insurance to thrive in the state.
\nThe statement said that the Alake of Egbaland, Oba Adedotun Gbadebo, also at the occasion, urged the operators to play according to rules.
\n\u201cThe insurers should not take up businesses and go about praying that claims should not come,\u201d the statement quoted the monarch as saying.<\/p>\n","protected":false},"excerpt":{"rendered":"
The National Insurance Commission (NAICOM) has said it would sack managing directors of insurance companies that refuse to settle indisputable insurance claims. NAICOM spokesman, Rasaaq Salami, said in a statement that the Commissioner for Insurance (CFI), Alhaji Muhammed Kari, announced the sanction at the on-going 2017 Chartered Insurance Institute of Nigeria (CIIN) Professional Forum in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-161624","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/161624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=161624"}],"version-history":[{"count":0,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/161624\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=161624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=161624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=161624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}