Vanguard (Lagos)
Ifeanyi Ugwuadu
1 November 2009
In a fresh attempt to strengthen confidence building in the insurance market, underwriters trade group, Nigerian Insurers Association has set up an independent special complaints unit that will adjudicate complaints against member companies by consumers of insurance.
"In order to ensure that complaints arising from insurance transactions between our member companies and their clients are not left unresolved, the governing council has approved the establishment of a Customer Complaints Bureau to receive and mediate in conflicts between the insurer and the insured."
Although it is initiated by the association, chairman of NIA, Mr Wole Oshin, said emphatically, it will be run independent of the association and manned by a retired high court judge of proven integrity and track record of professionalism in the dispensation of justice.
He also added, "this is not to duplicate the efforts of the National Insurance Commission but to complement it to ensure that dispute between the insured and the insurer are not unnecessarily delayed and ultimately become subjects of litigation."
It was learnt that this is one of the measures that the association will adopt to expose players who rubbish the image of insurance through unethical conducts.
Oshin who addressed the press on the association's efforts to build an industry where each member respects market accords and relevant laws for the practice of insurance disclosed that the recent CEO retreat held in Ogun State provided the chieftains of the industry an opportunity to take positive positions to defend the industry against "high rate of fraudulent claims, unfriendly economic climate, the challenge of maintaining high professional ethics and market discipline with the frankness and candour it deserves."
The trade group chairman who is also the CEO of Custodian & Allied Insurance said the market agreement endorsed by all CEOs will be fully implemented in six weeks and reiterated the seriousness of the document.
Oshin also disclosed that the agreement which covers broker compensation was a product of wide industry consultation. "We have also been talking to our friends at NCRIB (Nigerian Council of Registered Insurance Brokers." Their response, according to him is that of cooperation.
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