Thursday, October 9, 2025
23.5 C
Lagos

Consumers Association Backs NAICOM on ‘No Premium, No Cover’ Policy

The Insurance Consumers Association of Nigeria (INSCAN) has expressed support for the ‘No Premium, No Cover’ policy of the National Insurance Commission (NAICOM), saying it conforms with Section 50 (1) and (2) of the Insurance Act 2003.

In a release signed by Rear Admiral Isaac Areola (rtd), National President and Mr. Julius Bruce, National Secretary, INSCAN stated amongst others:

  • That our Association is in total support of the enforcement of section 50 (1) and (2) of the Insurance Act 2003 by the National Insurance Commission (NAICOM) with effect from 1st January 2013 as the provisions relate to the Insured, the Underwriting Companies and the Insurance Brokers. We hereby enjoin the Nigeria Insurance industry to consequently establish the “Premium Financing” concept as a line of business in the manner it obtains in other jurisdictions to solve this very simple problem.
  • That an Insurance company will be justified to repudiate any claim as from the aforementioned date on which no premium has been paid except as provided in Sec 69 of the Insurance Act 2003 regarding Third Party Liability Claims.
  • That an insured person need not pay the total annum premium debited at the inception of cover but the Insurance Company will be justified to pro-rate its cover to the extent to which the deposit premium is able to carry the risk.
  • That the Insurance companies should recognize the fact that the effective date of the enforcement is 1st January 2013 and that we expect fairness,equity and good business relationship to prevail on all covers binded up to 31st December 2012 and thereafter.
  • That we hereby enjoin all Insurance Brokers in Nigeria to comply strictly with the provisions of sec. 41 (1) of the Insurance Act 2003 as regards remittance of premiums so that the interest of the  Insurance Consumers will not be prejudiced before the underwriters.
  • That we also enjoin the Insurance companies in Nigeria to comply with sec. 70 (1) of the Insurance Act 2003 on payment of claims.
  • Finally, that we are in full support of all the recent reforms and initiatives of the National Insurance Commission (NAICOM) in pursuit of its main duty of protecting the interest of the Insurance Consumers in Nigeria.
spot_img
spot_img
spot_img

Hot this week

Fidelity Bank Commences Disbursement of FGN MSME Intervention Funds

Tier One Lender, Fidelity Bank Plc, has commenced the...

Fidelity Bank Honours Afreximbank President, Benedict Oramah, in Lagos

L -R: Minister of Industry, Trade and Investment, Dr....

Union Bank Champions Employee Wellness with Stay Recharged Health Walk

Union Bank of Nigeria held its first-ever Stay Recharged...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Stanbic IBTC Holdings Reports Remarkable Financial Growth for H1 2025    

Overview of Financial Performance  As of June 30, 2025, Stanbic...

Topics

Stanbic IBTC Reward4Saving Promo Season 3: More Winners Emerge

In another round of Stanbic IBTC Reward4Saving 3.0 promo...

Aliko Dangote & Arsenal FC: The 30-Year Love Affair!

Aliko Dangote, Africa's richest man, and President/CEO of the Dangote Group in passionately in Love! It is a love affair that spans over 30 years and is looking set to transform from mere relationship to something much more serious-marriage. Recent media reports have it on good authority that Dangote is set to bid for Arsenal FC, a club he has ardently supported and loved passionately for over 30 years. Listed by Forbes magazine as the 67th richest person in the world with net worth of over $17 billion, Dangote’s business interest spans from cement to various household products.

El-Rufai Commends Olam on Agric Investment, Reforms

El-Rufai Commends Olam on Agric Investment, Reform Olam Nigeria,...

NSE Unveils Interpretative Guidance on Index Circuit Breakers’ Rule

The Nigerian Stock Exchange has announced that it has...

NNPC Chief Emphasises Role of Gas in Driving Economic Growth, Industrial Development

  Representative of the GCEO, NNPC Limited and Head of...

Emirates Officially Reinstates Flights to Nigeria, Engages CBN

“Emirates welcomes the Central Bank of Nigeria’s move to...

The Nigerian Guild of Editors Mourns Tukur Abdularahman

On behalf of the Nigerian Guild of Editors (NGE),...

Africa Projects303mAir Passengers Annually by 2035

The International Air Transport Association (IATA) expects 7.2 billion...
spot_img

Related Articles

Popular Categories

spot_imgspot_img