NAICOM to introduce guidelines for market conduct

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To address lack of trust, among other issues plaguing the insurance industry, the National Insurance Commission (NAICOM), said it is in the process of releasing market conduct guideline to operators in the insurance industry to follow.

The commission said this move has become necessary so that insurance policies that are so complicated and packed with jargons that even the basics require a comprehensive explanation is better understood by customers and other stakeholders.

NAICOM said policies are also usually in tiny prints and many insurance operators do not take time to explain exclusions and inclusions of the products they sell to policyholders until after a claim occurs, hence the need for market conduct guidelines. Continue Reading