The National Insurance Commission (NAICOM) has mandated insurance companies to immediately commence the publications of outstanding claims in their records.
The Commissioner for Insurance Sunday Thomas, disclosed this at a pre-retreat interactive session with Insurance Journalists in Uyo the Akwa Ibom State capital.
He said the Commission has directed the operators to begin the publications of claims in national dailies as NAICOM has given them adequate time to sort out all the outstanding claims adding that there would be severe consequences for not complying to instruction.
The NAICOM boss who did not minced word on naming and shaming erring firms said the Commission has done a lot to ensure insurance companies live up to their responsibility as regard payment of claims.
He however, called on the public to revalue their assets due to inflation in order as to have claims that meet the present cost of asset.
Mr. Thomas further urged Nigerians to alway insure their belongings especially now that the claim for a third party car insurance has been upgraded to three million naira.
