We’ll rebuild confidence in sector – NAICOM
National Commissioner of Insurance, Olusegun Ayo Omosehin, has said that henceforth, it would no longer tolerate a situation where insurance companies deliberately refuse to claims to policy holders.
Omosehin, said this at a joint press conference with the Corp Marshall, Federal Road Safety Corp at the FRCS’s headquarters Thursday in Abuja.
The Commissioner for Insurance insisted that the regulator under his leadership has zero tolerance for non-settlement of claims saying it eroded confidence in the sector.
He emphasized the need to rebuild confidence in the sector through the prompt settlement of claims.
He said, I will not sit here and claim to be ignorant about some of the misgivings that have given Nigerians negatives about the sector. And that has to do with the issue of claims settlement.
“But the number one priority is what we call safeguarding policy holders’ interest and rebuilding public confidence in the insurance sector.
“And that is what we are pushing, zero tolerance to non-settlement of claims. We must rebuild Nigerian confidence, confidence of this nation in the insurance sector. The reality is somebody has paid his premium, so he has fulfilled his own part of the bargain. The responsibility is that part of the operator to now pay the claim when the event insured happens. The key element is settlement of claims.
“My mantra to the entire industry is: find a reason to pay a claim. No matter what might have been your warranty or conditions, or whatever you put in your policy, ask yourself was there an accident? If the answer is yes, that is sufficient reason to pay. So, find a reason to pay. To back that up, we set up a unit; we call it the complaints bureau.”
The CFI, also announced a collaboration with the Road Safety Corps that would ensure safer road for Nigerians and at the same time help in the enforcement of the third-party motor insurance.
“To explore various areas of collaboration and working together for the two agencies, I am happy to announce to Nigerians and to the entire public that the two agencies are ready to collaborate in ensuring a very safe motoring, safety on our roads and enforcement of our third-party motor insurance on our roads.
“We hitherto have been enjoying this type of collaboration but today, we are putting it on another pedestal. We want to appeal to Nigerians to be very about the benefits and also to be rest assured that the National Insurance Commission is here to enforce any areas around claims payment. As a commissioner for insurance, I have given my work that the insurance sector is up and doing and will be ready to meet their obligation. If there are incidences of complaints, we will set up a desk that will be ready to address it.
On his part, the Corp Marshall, Shehu Mohammed, assured the NAICOM boss that it is committed to ensuring the enforcement of third-party insurance. Mohammed said that the Corps is open to any partnership that would enable it achieve its mandate.
“Third party insurance is part of the national road traffic Regulation of 1960, which is compulsory for every motorist. And if that would also support the reduction of road traffic crashes, we are 100 percent into it. And our operatives will continue to enforce the third-party insurance compliance to bring. We are 100 percent committed to it.
“We have road safety. Any individual, group, agency or organization that wants to partner with the federal road safety corps to execute our mandate to reduce road traffic crashes and create a safe and secure environment,” he added.
