NAICOM advises insurance companies on financial account, claims, others
Insurers’ Committee meeting
Abdullateef Fowewe
The Commissioner, National Insurance Commission (NAICOM), Mr Olusegun Omosehin, has urged insurance companies to prioritize early submission of their financial accounts.
He urged them to ensure that they cleared all the outstanding claims in the industry, and look into all documentations required by claimants to get their settlement.
Omosehin gave the advice during his first meeting with the insurance CEOs at the Insurers Committee in Lagos on Thursday.
He also advised them to invest in the Credit Guarantee entity of the Federal Government, aimed at enhancing investment opportunities and encouraging insurance participation.
Speaking on the outcome of the meeting during a press briefing, the Head, Communication and Stakeholders Management Sub-committee and Managing Director of Rex Insurance Limited, Ebelechukwu Nwachukw, said, “He (the commissioner) spoke to us about the National Credit Guarantee entity that the President of the Federal Republic of Nigeria has just signed. They encourage insurance as much as possible that when the possibility to invest in that entity comes, we should invest and not allow the banks and other entities only be the ones who invest in that credit guarantee entity because if we invest, we have the potential of sitting on the boards where a lot of the decisions concerning that credit guarantee entity will be taken.
“The commissioner spoke about the complaints. the complaint process should be simplified, addressing cumbersome procedures. He believes strongly that CEOs should get involved in some issues that come as complaints.”
“He encouraged the early submission of financial statements by insurance companies because if you don’t submit or you’re unable to submit your financial statements early, is a signal to the regulator that there are issues with your organisation. Early submission just creates more confidence in the industry,” Nwachukwu added.
She also disclosed that the Insurers’ Committee restructured its operations, moving from seven sub-committees to four focused groups aimed at advancing the insurance industry’s reform strategy.
She noted the subcommittees consist of Insurance Sector Stability Sub-Committees- Mr. Ganiyu Musa as Chairman, supported by Mr. Gboyega Lesi as Deputy; Communication & Stakeholders Management Sub-Committee- Mrs. Ebelechukwu Nwachukwu as chairman; Technology & Talent Management Subcommittee- Mr Babatunde Fajemirokun as chairman; and Customer Service & Market Expansion Sub-Committee- Olabode Opadokun as Chairman.
