The National Insurance Commission (NAICOM) has revealed plans to work on statutory deposits of insurance firms to settle unpaid claims, while the chief executives of companies whose deposits are applied to such would be discharged from official duty.

This Commissioner for Insurance, Mohammed Kari, disclosed this at the ongoing Chartered Insurance Institute of Nigeria (CIIN) 2017 Professional Forum in Abeokuta, Ogun State.

He noted that the Commission had received requests from claimants to apply companies’ statutory deposits to settle discharged claims, as stated in the law, stressing that the process had already commenced.

He said the Commission has also beamed its light on intermediaries that hold back clients and companies’ money or collude to steal or corruptly keep it, adding that such actions are criminal and would be forwarded to the appropriate law enforcement agencies.

Kari said NAICOM and the Economic and Financial Crimes Commission (EFCC) had recently agreed to establish a joint task-force to among other things, ensure corruption is weeded out of the insurance industry.

“We are however alarmed by the incessant complains of failure of insurance companies to settle genuine claims and discharge claims to policyholders. These sad failures include the companies’ inability or refusal to settle inter-company balances.

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