The National Insurance Commission (NAICOM) has given one month notice to all insurance companies in the country to furnish the commission with all outstanding claims in the registrar of the company.
This is part the Commissions effort aimed at protecting policy holders and ensuring that genuine claims are settle promptly by insurance companies.
This was disclosed by Commission, through a circular, tiled: “Circular to all insurance companies: Outstanding claims NAICOM/CB/ ASA/RIC/-049”, dated January 20, 2015 and signed by Deputy Commissioner for Insurance Technical, Mr. Mohammed Kari.
According to the circular, the Commission is determined to bring to an end the issue of unpaid settlement claims, which is negatively imparted its quest to deepen insurance penetration and trust in the country.
The circular thus read: “Consequently you are required; within four (4) weeks from the date of this circular; to furnish the commission with all outstanding claims in the registrar of your company, inclusive of the following information: Name of insured/claimant; Policy number; Claim number; date of loss/accident; date of report; Quantum/estimate and reasons why the claim is still outstanding.
“The information should be entered to www.naicom.gov.ng/outstandings ; and a signed hard copy sent to the office of the Commissioner for Insurance.”
The circular further said that the commission reserve the right to verify all information supplied and any variance found will not be condoled and would attract full regulatory sanctions as provided by law.