The Nigerian Insurance Industry database was launched several years back to curb fake insurance certificates. Is the platform living up to expectations?The Nigerian Insurance Industry database was established to reduce soft market practices and eliminate fake insurance policies.
As an industry, we fully supports proper recapitalisation of the operators. There is no doubt about that. What we also support is that it should be done in line with best practices and the interesting thing is that, we actually did not disagree with our regulator, that is, the National Insurance Commission, contrary to the impression created out there.
We have understood that the constraint they have is the law and this we are working assiduously to realise soon. As a result, some insured businesses were affected and insurance companies have now paid about N4.5 billion as claims that have been completed, documented and discharged. We have concluded that, one of the critical dependency is that insurers have to live up to their primary expectations which is to pay claims. We have focused a lot of attention on discipline of our members and we have a very active committee on discipline and dispute resolution and that committee has been strengthened and empowered to discipline erring members.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.