The Independence Corrupt Practices Commission (ICPC) on Thursday in Lagos commended the National Insurance Commission (NAICOM) for insurance companies' prompt settlement of claims. This is contained in a statement by Mr Salami Rasaaq, NAICOM's Head, Corporate Affairs Division.The statement said that ICPC Chairman, Mr Ekpo Nta, made the commendation after a meeting with NAICOM management in Abuja. “NAICOM as a regulator has done well to improve insurance services in the country.“This is evident in the prompt settlement of claims by insurance companies. "I am looking forward to such a time when Nigerians will go out of their ways to get insurance cover,'' it quoted Nta as saying. According to the statement, ICPC has been working with regulatory bodies in the monitoring of activities within their sectors. It said that it was cheaper to adopt this model in the various sectors. It added that Mr Chibudom Nwuche, NAICOM Board Chairman, told ICPC to join hands with NAICOM in its fight against fraudulent transactions and activities in the industry.
“NAICOM is saddled with the responsibility of regulating insurance industry but it does not have powers of enforcement, especially in terms of arrest and punishment of culprits,'' Nwuche said. It said that Mr Fola Daniel, NAICOM Commissioner for Insurance, reiterated that the primary responsibility of the commission was to ensure protection of policy holders.
“Insurance is built on the principle of Utmost Good Faith and thus, every insurance practitioner is expected to uphold this principle both in words and deed,'' it quoted Daniel as saying
What ever that's worth doing is worth doing well. Done here
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