The National Insurance Commission says it receives 413 complaints in 2016 and has resolved 218 complaints resulting in the settlement of claims worth N5.5 billion.
NAICOM Head of Corporate Affairs, Rasaaq Salami, said this in a statement in Lagos on Monday.
Salami said another 650 cases from 2014 were at different stages of conclusion, while others were still being looked at by the Complaints Bureau Unit of the commission.
According to him, not all the cases resolved are in favour of the complainants, in some cases the underwriters are right in repudiating claims.
He explained that a case was withdrawn because it was found to be fraudulent, five cases were referred to Pension Transmission Arrangement Directorate over non- payment of pensions.
According to him, another one is transferred to Nigerian Pension Commission for its determination
Salami said: “Cases that are found to be prejudiced are not treated but left to the courts to do the needful.”
However, he said that NAICOM had developed a unique address only targeted at receiving aggrieved policy holders complaints.
NAICOM, therefore, urged all aggrieved members of the public to send their insurance complaints to it through an email: “contact@naicom.gov.ng’’.
NAICOM was established in 1997 with the responsibility of regulating and supervising insurance business in Nigeria. It replaced the previous regulatory organ, the Nigerian Insurance Supervisory Board.
Prior to 1992, the Federal Ministry of Finance licensed and supervised insurance companies.
The first major step at regulating the activities of Insurance business in Nigeria was the report of J.C. Obande Commission of 1961, which resulted in the establishment of Department of Insurance in the Federal Ministry of Trade and which was later transferred to the Ministry of Finance.
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