National Insurance Commission (NAICOM) on Friday said it would sack managing directors of insurance companies that refused to settle indisputable insurance claims.
A statement by NAICOM spokesman, Rasaaq Salami, said the Commissioner for Insurance (CFI), Alhaji Muhammed Kari, announced the sanction at the 2017 Chartered Insurance Institute of Nigeria (CIIN) Professional Forum in Abeokuta.
The statement quoted Kari as saying that “the commission had received various requests from claimants to use companies statutory deposits to settle discharged claims, as stated in the law.
“We are however alarmed by the incessant complains of failure of insurance companies to settle genuine claims and discharge claims to policy holders.
“These claims and balances has risen to an unacceptable level where again we are now required to withdraw the self-regulation option given operators to total enforcement of the law.
“The commission is now also looking at the operations of intermediaries that hold back clients and companies money, collude to steal or corruptly operate,
“Such actions being criminal would be forwarded to the appropriate law enforcement agencies”.