By Favour Nnabugwu
NATIONAL Insurance Commission (NAICOM) has cautioned insurance operators from generalising and publicising personal discontent with industry regulations.
Commissioner for Insurance, Alhaji Mohammed Kari gave this warning at the concluding session of the insurance conferenc
He stated: “The trend is that a company that has issues with regulatory guidelines instead of coming to us to discuss the issues, they go to the market associations and make it a market issue when it does not concern majority.
“Guidelines released by the Commission cannot conform to everybody’s wishes or expectations. If you have specific issues you are not contented with, come to us we will discuss and see how we can resolve issues but do not make it an industry issue.”
Meanwhile, the Deputy Commissioner for Insurance (technical), Mr Sunday Thomas, said insurance companies should not only research on products but must thoroughly package their products.
He pointed out that many insurance companies are having problems satisfying their customers in terms of product offerings, quality of services and sophistication of products offered and above all, packaging of the products.
Chairman of the Nigerian Insurers Association (NIA), Mr. Eddie Efekoha said that the negative attitude of Nigerians to insurance services might not be unconnected to the poor attitude of the insurers as regards non-payment of claims.
Efekoha said some insurance companies are notorious for defaulting in premium payment in co-insured accounts which adversely affected image of the industry.
The post Stop spreading discontent against industry regulations, NAICOM cautions operators appeared first on Vanguard News.
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