The National Insurance Commission (NAICOM) has given insurance companies a December 31, 2024, deadline to clear all outstanding claims.
The Head of Communication and Stakeholders Management Sub-committee of the Insurers Committee, Ebelechukwu Nwachukwu, made this known while addressing a press conference after a meeting of the management in Lagos on Thursday, November 7, 2024.
The meeting marked the first gathering of the Insurers Committee with Segun Omosehin as the Commissioner For Insurance.
Nwachukwu, who is the Managing Director of Rex Insurance Limited, said the commissioner charged insurance companies CEOs at the meeting to ensure that no outstanding claims are captured at the close of their 2024 financial accounts.
The NAICOM boss, she said, tasked the insurance company’s executives to defend the insurance industry through payment of genuine claims, which is integral.
She noted: “The regulator said it would be checking in an intensive and focused manner, the outstanding claims in the insurer’s books.
“The commission said its focus is on the soundness of the insurance industry, measured by the ability to meet their obligations when due.”
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According to her, the commissioner also charged the insurance companies to take steps towards recapitalization by evaluating their financial position, as to the need to raise fresh capital.
Nwachukwu said the charge came from the regulator, having exposed a draft of the Risk Based Supervision (RBS) regulations to the operators in the event that recapitalisation takes off.
Nwachukwu revealed that the commissioner further encouraged brokers to ensure strict compliance with the “no premium, no cover” regulation, having observed some violations of the regulation.
She said the commissioner also charged CEOs of insurance firms to get involved in addressing complaints.
Nwachukwu stated that the regulator encouraged the insurance operators to submit the financial statements of their companies early enough, to create more confidence in the industry.
She added that Omosehin charged the insurers to focus their attention significantly on Nigeria’s Data Protection regulations for the insurance industry.
The sub-committee chairman said the NAICOM boss also wants insurance operators to pay specific attention to the implementation of the 10-year Insurance Strategic Plan.
Nwachukwu added that the commissioner charged the insurance operators to also pay attention to the legal and regulatory framework for the industry, under the Insurance Bill 2024.
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