The National Insurance Commission (NAICOM) has pledge to make prompt settlement of claims as one of its one objective to enable the sector regain the confidence of the public.

Mr Fola Daniel the commissioner for insurance who disclosed this to journalist in Lagos, said the consumer protection of the commission is being properly positioned to handle complaints from clients on unpaid claims with dispatch, as non payment of genuine claims is enough ground to suspend or cancel the operational certificate of a registered insurance company.

Said he: "Failure or undue delay in claims settlement will be viewed as an aberration, by National Insurance Commission. Any individual corporate body or government establishment that has genuine unsettled claims against any insurance company is advised to make its complaint to the commission.
"The consumer protection unit of the commission is being properly positioned to handle such complaints with dispatch. Any defaulting insurance company will be required to pay such claims. None payment of genuine claims is enough ground to suspend or cancel the operational certificate of a registered insurance company. This is why NAICOM, advises policy holders to ensure that they obtain their policies from NAICOM registered insurance companies. A policy obtained from a fake insurance institution, has no liabilities attached and no compensation can be received if such complaints are made to the commission."

He noted that the campaign against fake insurance institutions will continue.
"However, the campaign against take insurance institutions is on NAICOM’s awareness creation jingles will soon make a debut. We are also working with the police, Road safety, VIO and all motor vehicle law enforcement agencies to stamp out fake insurance operators.

"The vehicle insurance sticker, identified as a veritable tool in eradicating fake insurance certificates, has been handed over to the Nigerian Insurer Association (NIA). They would determine the modus of operation and distribution and desire appropriate security features to minimize counterfeiting, NAICOM. Hopes that in due course, they will come with their design", he said.

He noted that the challenge given to NIA on the vehicle insurance sticker is one of the different mechanisms of positioning the industry towards self regulation, stressing that the industry is expected to assume a position where to a large extent, if determines own disciplinary measures.
"To align the insurance industry with host practices, the commission is looking into the insurance Act, 2003 and the NAICOM Act, 1997 to review all areas that are not in tandem with the new vision of the insurance industry. In this regard, we are calling on all operators to submit inputs to the commission on any area of the insurance statutes they believe requires amendments.

As we work for the growth and development of the industry. We expect the operation to follow suit NAICOM expects that all areas being opened up should be followed with equal enthusiasm by the practitioners.