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NAICOM Imposes $4m Fines to Insurance Companies over Non-compliance

The National Insurance Commission, NAICOM, has imposed $4
million on some insurance companies for non-compliance with
operational rules and guidelines.

Deputy Commissioner, Technical of NAICOM, Mr. Sunday
Thomas disclosed this at a seminar organised for insurance
reporters in Benin, Edo State.

According to him, the Commission would no longer treat the
issue of default with kid gloves.
Thomas said, “As regards breach of operational guidelines,
there are some companies that will pay as much as over $4
million dollars in penalties. There are no kid gloves anywhere
anymore. If you default, we will give you ample opportunity to
come and defend yourself.

We will open it up for discussion
but eventually if you are found to have defaulted, you will have
to pay a price because adequate warnings have been given.”

Thomas also said that the regulatory body had warned
operators not to grant insurance covers without adequate
information about the insured as such action will also attract
sanctions.

“It doesn’t happen anywhere in the world where you grant
blind cover. We have stepped in and have issued appropriate
circulars to underwriters. We have warned companies and I
am sure they heard us clearly.“If you must insure the military you must have their names,
you must have their information, otherwise insurance cannot
be granted,” Thomas stated.

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