The National Insurance Commission (NAICOM) has said that for the year, it resolved a total of 218 complaints resulting in the settlement of claims worth N5.48 billion in 2016.
According to Salami Rasaaq, Head, Corporate Affairs of the commission, a total of 413 complaints from aggrieved policyholders were received against insurance companies in the year under review out of which 218 were resolved.
The commission stated that it held adjudication meetings and had direct contacts with all parties involved, while resolving the disputes.
Salami noted that the commission was at the verge of resolving about 650 ongoing cases from 2014, which are all at different stages of conclusion, adding that NAICOM will continue to strive hard to ensure protection of policyholders, beneficiaries and third parties of insurance contracts.
He noted that all resolutions were in favour of the complainants, stressing that in some cases, the underwriters were right in repudiating claims.
According to him, a case was withdrawn because it was found to be fraudulent, adding that five cases were referred to Pension Transitional Arrangement Directorate (PTAD) over non-payment of pension, while one was transferred to the National Pension Commission (Pencom).
He said cases that were found to be subjudice were not treated but left to the courts to decide, adding that other cases not resolved are still being looked at by the Complaint Bureau Unit in the commission.