NAICOM settles claim cases between firms, insure

In its continuing efforts at ensuring adequate protection of policyholders and insurance consumers over settlement of genuine insurance claims, the National Insurance Commission (NAICOM) successfully facilitated claims payment of over N2billion in 2013.

A breakdown of settled cases:

1 Crystalife Assurance \ Federal Medical Center Owo /Group life 7,795,980.00

2 Lasaco/ Int’l Insurance Brokers Fire 33,949,709.39

3 NEM Insurance \Dominion SBJ Elite trust Insurance Brokers   1,041,622.20

4 Niger Insurance/ Fair Plus int’l Limited Motor Vehicle 5,745,100.00

5 NICON Insurance / Dr. Olanrewaju Vehicle 560,075.34

6 Union Assurance/ Okeke Udochukwu Maturity Benefit 542,075.34

7 Leadway Assurance/ NURTW Motor vehicle 397,290.00

8 Equity Assurance /NURTW Motor vehicle 48,780.00

9 STACO Insurance /NURTW Motor vehicle 397,290.00

10 AIICO Insurance /Young Bourdillon Ditimiya Motor vehicle 1,200,000.00

11 Unity Kapital/  Aura Loss Adjusters Non payment of fees 128,440.90

12 Crystalife & Capital Express/  Bauchi State Government Group Life 214,113,484.84

13 IGI Mr. Ogun Michael Life policy 361,061.00

14 Law Union & Rock /Charles Mekwunye & Co.  Motor 752,142.86

15 Standard Alliance/ Pastor Ayo Oluwatosin Motor 3,304,800.00

16 Sovereign Trust/ Opeba Company Nig. No payment of fees 2,000,000.00

17 Oceanic Insurance/  Express Discount House Motor 2,078,800.00

18 Aiico Insurance/  Kayode Isaac Ogunola   2,342,300.00

19 Aiico Insurance / Samuel Salako   311,000.00

20 Mayfair Insurance Brokers /Mutual Benefit Assurance Plc  Non remittance of premium 2,000,000.00

21 ADIC Insurance/ Burglary Hennadis Nigeria & Co Burglary  4,261,624.23

22 Standard Alliance/ Umeneri Emmanuel Emeka  Maturity benefits 354,516.20

23 A&G  Engr. O. Oyelola   Maturity benefits 685,325.71

24 IGI/ Dr. Umoru Benjamin Motor 540,000.00

25 AIICO Insurance Plc /Upper Room Theft  6259,843.86

26 Finsurance Plc / Odengene Air shuttle service Limited (part payment) Aviation  60,154,223.98

27 Standard Alliance /Afro Asia Garden Fire 705,173.99

28 Standard Alliance /Engr. Olufemi Falano Maturity benefit

29 AIICO Insurance Co./ Emmanuel Dunu Nonpayment of Commission 50,000.00

30 Mutual Benefit /Ojeifoh Okosun Maturity Benefit 844,204.42

31 AIICO Insurance co /Olaniyi Temitayo   52,000.00

32 Guinea Insurance /Standwell Int’l Co. Nonpayment of Commission 500,000.00

33 Finsurance /Top quality Fire 66,133,400.00

34 Linkage Insurance& Royal exchange  Top quality  Fire  66,133,400.00

35 Linkage/  Mr. Akinbami  Motor vehicle  33,066,700

36 Standard Alliance/ Ofoegbu Mahakwe Investment 246,361.56

37 Custodian & Allied/Omowunmi Abosede Wale Theft 400,000.00

38 IGI/ Dominic Daniel Maturity Benefits 3,695,871

39 Financo Brokers/Adetanmi Victor Olumide Severence Benefits 200,000.00

40 UNIC/ Engr. Falano Olufemi Maturity Benefits 336,962.89

41 IGI/ Flash Multi Services Ltd Motor Vehicle 756,000.00

42 Standard Alliance /Edwin Mary Akwaeze Bond 5,000,000.00

43 Standard Alliance/ Ana Industries  Marine 16,000,000

44 Finsurance /Finbank Insurance brokers Aviation 31,291,775.55

45 Mutual Benefits Assurance Life/ MT Stephen & Co  Death Benefits 18,000,000

46 Consolidated Hallmark / Arizona Insurance Brokers Good in Transit 300,000

47 IGI/ Olamide Elias& co Death benefit  4,484,079

48 Standard Alliance Life/ Sadiq Adeshewa Wakilat  Life  1,060,000

49 STACO/  Karina Tunyan (San) & Co  Marine 55,939,800

50 Anchor Insurance / Karina Tunyan (San) & Co Marine 13,984,950

51 IGI / Karina Tunyan (San) & Co Marine  10,300,000

52 AIICO / Bassio Nig Ltd Good in Transit 5,000,000

53 NICON Insurance  /ExonMobil Producing Nig Ltd  Fire  $9,906,619

54 African Alliance.  Beatrice Chukurah  Annuity benefits 101,798.74

55 IGI.  Oparah Frankka Egolu Life  73,817.00

56 A&G /Micheal Abiodun Ayeni Endowent Not Stated

57 Niger Insurance / Lydam Ventures Maturity benefits 10,503,280.00

58 IEI/ Mosabu Investment Marine 15,000,000

59 Leadway Assurance/ Ibrahim, haruna hamma Motor vehicle  2,736,963.08

60 NEM Insurance plc /First & Foremost investment Ltd Motor vehicle 110,160.00

61 WAPIC Life Assurance / Messrs Adeniyi Adeyemi & Frank Odigie  Commission  494,244.71

 Ongoing Complaints

Adedeji Ashamu/ Wapic Insurance Plc Settled

Jimoh Akintola/ Equity Assurance Plc Settled

Flash Multi service Ltd/  Industrial & General Plc Settled

Bharmoss Ventures Nigeria Ltd/Law Union & Rock Insurance Plc ( subjudice)

Kunle Odufayo /Linkage Insurance Company Settled

Upperroom  /Aiico Company Ltd Settled

Mosabu Investments/ IEI  Settled

 Luminium International Ltd / IGI Settled

Soji Consultancy / Standard Alliance Insurance  Settled

Arizona Insurance Brokers Ltd / Consolidated Hallmark Insurance Plc Settled

Bayo Jacobs & Co / Leadway Assurance Plc Settled

Bassio Nigeria Ltd / Aiico Insurance Ltd Settled

Sunplast Industries Ltd / IGI & Elismon Insurance Brokers Ltd Settled

MT Stephen / Mutual Benefits Life Assurance  Settled

Finbank Brokers Ltd /Linkage Assurance, Royal exchange, Staco Assurance, Finsurance, Sovereign trust, AIICO,  Settled

 By: Modestus  Anaesoronye