The Nationwide Insurance coverage Fee (NAICOM) has issued a directive to insurance coverage firms to settle all excellent claims by December 31, 2024, in a transfer geared toward reinforcing business credibility and accountability.
This mandate was communicated by Mrs. Ebelechukwu Nwachukwu, Head of the Communication and Stakeholders Administration Sub-committee of the Insurers Committee, following a gathering held in Lagos.
On the gathering, which marked the primary Insurers Committee assembly beneath the brand new Commissioner for Insurance coverage, Mr. Segun Omosehin, NAICOM careworn the significance of sustaining sound business practices by prioritizing declare funds.
In accordance with Nwachukwu, who can also be the Managing Director of Rex Insurance coverage Ltd., the Commissioner instructed CEOs to make sure that no excellent claims seem of their monetary books by the shut of 2024.
“The regulator emphasised a focused strategy to verifying the accuracy of excellent claims on insurers’ information,” she stated.
Alongside the push for declare settlements, NAICOM suggested insurance coverage firms to think about recapitalization to reinforce their monetary standing.
“Insurers are inspired to begin discussions with their boards and shareholders relating to potential recapitalization wants, to remain ready for regulatory necessities,” she stated.
NAICOM has additionally directed insurers to stick to Nigeria’s Knowledge Safety rules to reinforce shopper belief within the business.
Moreover, the commissioner underscored the significance of implementing the 10-year Insurance coverage Strategic Plan, which incorporates seven key targets geared toward assembly business goals by 2027.
Nwachukwu shared that the fee’s steerage displays a unified imaginative and prescient for the sector’s development, supported by a authorized framework beneath the Insurance coverage Invoice 2024.
“The invoice prioritizes regulatory compliance and prudential tips, aiming to eradicate company governance points inside the sector,” she famous.
In alignment with its 10-year roadmap, NAICOM just lately restructured its Insurers Committee’s sub-committees.
The brand new sub-committees deal with pivotal areas, together with Insurance coverage Sector Stability, Communication and Stakeholder Administration, Know-how and Expertise Administration, and Buyer Service and Market Enlargement.
