The Commissioner for Insurance/CEO National Insurance Commission (NAICOM), Olorundare Sunday Thomas, has commended managers of the insurance industry for the positive response to claims settlement in the market.
Speaking during the 13th session of the Insurance Industry Committee meeting in Lagos at the weekend noted that there has been positive changes in the market in response to claims settlement in the industry as this will seriously change the mindset of consumers to insurance business in the country.
Thomas, however, said that there are few underwriting firms in the market who are defaulting, but warned that the market trend may not have space to accommodate them any more, but the Commission would not waste time but to dispatch them to the undertakers according to the law.
Specifically, “the regulator reminded the CEOs of insurance firms on the provision of the law which is the ground for suspension of license of insurance entities. It is like a reminder that this provision in the law you have to take seriously, thus the issue of claims settlement is sacrosanct before you allow the Commission to take the necessary action as contained in the law”
Meanwhile, addressing a press conference after the meeting of the committee, the Publicity Committee chairman and managing director, Stanbic IBTC Insurance Company Limited, Jide Orimolade, said “the decision of the committee in terms of what the industry was able to do to date, a lot of things happened within the industry compared with five years analysis that the industry has not done so far.
“The image of the industry, insurance companies continued to pay claims, you notice in terms of the claims that had been paid by the industry has gone to show the muzzle in terms of payment of claims on time has been positive for the industry.
“The Risk-Base Supervision, some insurance companies that has done their RSB in terms of the outcome, before the end of the month, the regulator will give the outcome in terms of the various organizations.
“On the NAICOM portal to date, the head of IT in NAICOM was impressed by the way we have been turning in our returns to the NAICOM portal had been very positive, technology is something that can actually help us to grow this business.
“On annuity, we were able to cease the opportunity in the annuity business.
“Mention was made on the IFRS, all the recommendations whether we like it or not is something that will start effective next year so invariably in terms of all the insurance companies turning in their annual financial statement for 2023 will be based on IFRS compliance.
“Talk about COVID19 cover for health workers in terms of the claims, we learnt that the Lead Underwriter have settled the claims, invariably it goes to show the positive perception of the insurance industry.
“Also the insurance Bill was mentioned, the Commission promised that it will be presented in the Floor of the Assembly, hopefully it will be released before the end of the year.
“On the EFCTA committee that was done by in terms of the deliberation that was mentioned in the course of the meeting.
“On the market development sub-committee in terms of the share capital of the micro-insurance companies was mentioned in the course of the deliberstions.
“Finally, in terms of all the sub-committees, all of them were able to make their reports which is the technical sub-committee, publicity , prudential, consumer service, were all able to turn in their reports in the course of the meeting.
“On the bancassurance, the regulator mentioned that in terms of the guidelines of the bancassurance are to be rolled out in terms of sending to the insurance companies by tomorrow based on what the regulator mentioned in the guidelines.”