The National Insurance Commission (NAICOM) has concluded plans to introduce the Risk-Based Capital (RBC) roadmap to guide the industry on a new capital regime before the end of April 2022.
This was one of the resolutions that were reached at the Insurers’ Committee meeting held in Lagos at the weekend.
The Commissioner for Insurance, Sunday Thomas, while addressing Managing Directors of insurance companies and the Nigerian Insurers Association (NIA) informed them that the Commission would by month-end make public its decision on what should constitute the capital for operators in the sector.
He commended operators that have embraced the NAICOM portal while imploring those that have yet to fully comply with the directive to do so.
Thomas noted that there has been tremendous progress in the uploading of data by operators, stressing that by the end of April, the Commission would make its position known to those who have not fully complied.
He urged underwriting firms to take the issue of claim settlement as a priority as it is only meant to create awareness about the industry. He also charged the operators to increase and simplify their policy documents to enable the public to understand what they offer.
On a large number of unpaid claims, Chairman, Sub-Committee on Publicity and Communications of the Committee and Managing Director, NSIA Insurance Limited, Ebelechukwu Nwachukwu, said underwriters had resolved to enlighten the insuring public on how to lodge a claim and the importance of documentation.
“We found out that most people don’t read the policy documents and some of the industry’s marketers do not take their time to explain details of what is in the policy documents. You typically don’t know what you have bought and what the exclusions are. That is where our reputational challenges come from; the subcommittee proposed having a key fact page on the policy documents,” she said.
