NAICOM Restates Commitment To Protecting Policyholders
The National Insurance Commission (NAICOM) has reiterated its commitment to protecting policyholders, saying it is one of its fundamental responsibilities.
Speaking through his Deputy Commission for Insurance, Finance and Administration, Mr. Ekerette Ola Gam-Ikon, at the Chartered Institute of Nigeria’s year 2024 Professionals Forum held in Abeokuta, Ogun State recently, the Commissioner for Insurance and Chief Executive officer of NAICOM, Mr. Olusegun Omosehin, reiterated the Commission’s resolve to protect policyholders by placing significant premium on prompt settlement of all genuine claims.
“One of the enshrined and fundamental responsibilities of the Commission as a regulator is the protection of policyholders, hence the Commission has placed significant premium on prompt settlement of all genuine claims.
“Whilst I do not intend to pre-empt the content of the papers to be presented by various speakers, I however strongly believe that the most appropriate strategy for awareness creation is a complete change of mindset on the administration and settlement of claims, prioritising our clients’ needs, treating them fairly, with utmost transparency, and timeliness, too.
On the changing business environment and consumer behaviours and the need to ensure the financial soundness and stability of financial institutions, the NAICOM CEO called for the adoption of risk-based supervision and risk-based capital which he said “have become inevitable if we want to compete with our counterparts across the globe and remain relevant in the management of risks of our existing and potential customers.”
“We are all aware that major events in the world such as the COVID-19 pandemic, economic instability, climate change, rapid technological advancement, changing behaviour of consumers, crises across different parts of the globe, soaring inflation, instability in prices and many more have direct impact on global financial markets hence have now altered the way financial services are carried out.
“Financial soundness and stability of financial institutions have become more critical than we can ever imagine. The adoption of risk-based supervision and risk-based capital has become inevitable if we want to compete with our counterparts across the globe and remain relevant in the management of risks of our existing and potential customers.
“Dear professionals, strong financial base is key to our success as an industry. As a Commission, we have resolved to pursue, as a priority, the safety and soundness of our regulated entities.
Remember the words of Benjamin Franklin: “one rotten apple, spoils the barrel”. We are all witnesses to what this has caused us as an industry and are now more determined to rid ourselves of that cankerworm,” he noted.
