15th March, 2017
The National Insurance Commission (NAICOM) will withdraw the licence of any insurance company that will fail to settle claims to policyholders within 90 days.
The Chairman of the Nigeria Insurance Association (NIA), Mr Eddie Efekoha, in Lagos on Wednesday said that the industry was determined to sustain its credibility.
Efekoha said that insurance companies must give priority to quick claims settlement to maintain credibility.
“The commission has stipulated 90 days for insurance claims settlement after the issuance of discharge voucher by the policyholder to the insurer.
“Any insurance company that defaults in claim payments within the stipulated date will have its operating licence withdrawn.
“Besides, no insurer should capitalise on the number of days to unnecessarily delay the claim of a policyholder.
“NAICOM’s Dispute Resolution Unit has made settlement of claims possible within hours because some claims do not require complex investigation,” he said.
Efekoha urged Nigerians to develop an interest in insurance to support the growth of the industry.
He reiterated that the sector had a role to play in the growth of the economy and security of lives and property.
The chairman also urged religious leaders to stop telling their followers that only God could insure life.
He said that such a statement discouraged the followers from taking insurance policies.
“Some citizens often associate insurance with fraud or consider insurance as secondary.
“What is the advantage of surviving now and losing all what one possesses at the end,’’ he asked.
Efekoha urged individuals with a comprehensive insurance policy not to abandon it for a third party policy, saying that the former provided more benefits to the holder.