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NAICOM to introduce guidelines for market conduct

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To address lack of trust, among other issues plaguing the insurance industry, the National Insurance Commission (NAICOM), said it is in the process of releasing market conduct guideline to operators in the insurance industry to follow.

The commission said this move has become necessary so that insurance policies that are so complicated and packed with jargons that even the basics require a comprehensive explanation is better understood by customers and other stakeholders.

NAICOM said policies are also usually in tiny prints and many insurance operators do not take time to explain exclusions and inclusions of the products they sell to policyholders until after a claim occurs, hence the need for market conduct guidelines. Continue Reading

Policy holders lament delays, non-payment of claims

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Non-prompt settlement of claims by insurers has over the years been the bane of insurance growth, penetration and acceptance in Nigeria.

This is in spite of the insurance in­dustry regulatory body, the National Insurance Commission, NAICOM, at­tempts to make prompt claim settle­ment one of its cardinal objective, and which the commission also flouts as one of its main achievements.

According to some analysts however, many operators seems to have devised newer and more “professional” means of swindling or talking their way out of paying claims, or not paying it in full by negotiating with the insured. Continue Reading