* Firms To Pay For Complaint Resolved By NAICOM
BY NKECHI NAECHE-ESEZOBOR— The National Insurance Commission, (NAICOM) has called on insurance Chief Executive to enlighten their board on the level of solvency their company needs to operate effectively in the industry
Head, Communication & Stakeholders Management Sub-committee and Managing Director Rex Insurance Limited Mrs. Ebelechukwu Nwachukwu, disclosed this to insurance journalists at the end of Insurers’ Committee Meeting held yesterday in Lagos.
ALSO READ: NAICOM, NEMSA Sign MoU To Enhance Electrical Safety And Insurance Compliance
According to her, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Segun Omosehin, at the meeting told operators that henceforth the commission will be measuring solvency on a quarterly basis.
Solvency level means the minimum amount of eligible own funds that a company must have in order to be able to continue its insurance activities without restriction.
She said the commission was of the view that the current framework will be reviewed after the insurance bill have been passed by the two chambers and signed by the President.
She said that the commissioner said the current framework is on the current capital, while assuring that when the new capital comes up the commission will review the framework accordingly.
On complains made by policyholders, she said the commissioner said it will henceforth charge companies for complaints resolved by the regulator for insurance companies..
She also said the commission said is focus on providing an enabling environment for all insurance operators.
On enforcement of third party motor insurance policy, she said the commissioner advised companies to give great support to the commission in terms of engagement and publicity for the ongoing enforcement.
She said the commission frowned at outstanding claims still in the books of companies, he however urged them to ensure they settle all outstanding claims before the end of the financial year.