The National insurance Commission (NAICOM), has reiterated its commitment toward protecting the interest of policy holders in the country.
Mr mohammed Kari, the Commissioner for Insurance (NAICOM) said this at the 2017 National Insurance Conference in Abuja.
Kari said that the commission was also committed to ensuring ease of doing business within the sector which would engender growth to the sector and the country’s economy.
“The commission has documented an A to Z on ease of doing business between NAICOM and the industry.”
“The document was compiled from inputs made from the insurance market through NAICOM’s SERVICOM and it contains what is required of the operators and the regulators that will aid ease of doing business,” he said.
Kari said that the trend of individual companies abusing the insurance association was becoming a concern to the regulator and urged the companies to brace up to their responsibilities.
“When we release guidelines, it cannot conform to everybody’s wishes or expectations, if you have specific issues come to us rather than make it an association issue,” he said.
On the issue of rates of insurance policies, the commissioner said it had become a challenge to the operators in the industries.
Kari urged the insurance companies to come together and work in harmony to be able to resolve the issue, adding that NAICOM would also play its role to resolve the matter.
“On the issue of rating and undercutting, I think we have to intervene and bring an end to this problem.
“Over time, we have received confrontations and have responded accordingly.
“We have agreed that if you (operators) have an agreement, we can enforce it for you so you have to think harder, “Kari said.
The Chairman, Nigeria Insurance Association, Mr Eddie Efekoha reiterated the association’s commitment toward resolving the challenge of disparity in rates of insurance policies.
He urged the operators to ensure it met its primary obligations to policy holders, especially in the area of claims settlement.
He noted that in spite of the efforts by the regulator to resolve the issue of unsettled claims, some insurance companies were still defaulting in paying claims.
Efekoha said that the non-payment of claim was affecting the image of the industry and urged the regulator to further look into the matter.
He said that if most of the issues in the sector were resolved, they would help increase insurance penetration in the country.
Mr Emmanuel Okunorem, the President, Nigerian Council of Registered Insurance Brokers (NCRIB), urged the regulators to ensure that it involved the brokers in its decision making.
He said that the brokers had a major role to play in the industry and should be carried along as collaboration of all players in the sector was vital.