The National Insurance Commission (NAICOM) has urged the board of directors of insurance companies to ensure sound management of the companies without interfering in management functions.
The acting Commissioner for Insurance, Mr Sunday Thomas, said this during a conference for directors of insurance companies, according to a report in Punch. The event was one of several programmes earmarked by NAICOM to keep members of the board of directors abreast of the workings of the sector.
He said, “The board is also expected to ensure the financial soundness and general wellbeing of the organisation by monitoring the management, to guarantee effective and efficient deployment of human and capital resources in the overall benefit of all stakeholders.
“The observance of this role has been lacking in some of our companies and which has contributed in no small measure to the challenges facing these companies today.
Delay in settling claims
He also said the commission would not tolerate any action of delayed claims payment or default of genuine claims by the insurance companies.
He said, “In all policy formulations of the board, I am appealing that the prompt settlement of claims be given a high priority. The commission will view seriously any case of late or non-payment of genuine claims.”