Operators have previously collaborated with the Federal Roads Safety Corps (FRSC) to collect N45 billion that was misappropriated nationwide by phony insurance agents, particularly in the area of third-party motor insurance.
Speaking at the recently concluded 14th Meeting of Insurers’ Committee in Lagos about the plan to address some of the sector’s challenges, NAICOM’s Head of Corporate Communications and Market Development, ‘Rasaaq, Salami, said the Commission will be traveling to state governments to educate them on the importance of having genuine insurance policies.
Salami stated that at the meeting, underwriting partners decided to also publicize unpaid claims. Operators, he said, think it will boost confidence and promote growth.
According to him, the commission made a commitment to refrain from endorsing any firm’s recapitalization plan if it does not resolve any unpaid client claims.
Sunday Thomas, the NAICOM Chief Executive and Commissioner for Insurance, issued a warning that such companies will not be recognized as having passed the recapitalization test.
He consequently counselled insurance firms to resolve unresolved claims in their books.
