•Urges NAICOM, insurers to enforce revised marke guidelines
By Henry Uche
The Institute of Loss Adjusters of Nigeria (ILAN) has lamented that the 30 approved scale of fees in the industry remains a threat to the profession.
Speaking after his inauguration in Lagos as the 13th president of ILAN, Mr. Dipo Olanrewaju, said the loss adjuster’s rate approved in October 1992, was not only insufficient to cover their expenses but attracting young graduates into the profession has remained a very difficult task.
ILAN president however expressed optimism that the issue would be addressed following an announcement by president of Nigeria Insurers Association (NIA), Mr. Olusegun Omosehin, to extend engagement with ILAN policy review and other matters arising.
“The global economy has significantly impacted Loss Adjusters income, hence the need to review the Scale of fees as we have been yearning for. It’s important to dispel the notion that we are exclusive or unwelcoming to those who interested in loss adjusting profession”
The insurance expert who called for intra – industry collaboration, charged the National Insurance Commission (NAICOM), and insurers to enforce the Revised Market Conduct Guidelines for the benefit of all stakeholders in the insurance value chain.
Among various provisions of the Guidelines, he emphasised on Section 4.8.3 which states inter alia: “Insurer(s) shall settle their portion of loss adjuster’s fee no later than 10 days after the submission of the adjuster’s report to the Underwriters. When a lead insurer pays the fee on behalf of other co- insurers, these co- insurers shall reimburse the lead for their respective proportions of the fee within five (5) working days of the adjuster’s settlement by the lead Insurer,”
Olanrewaju said: “NAICOM’s wisdom mandates prompt payment of adjuster’s fees, which is crucial. Situations where adjusters must wait for six months, a year or even longer for payment are unacceptable and contradicts the Revised Market Conduct and Business Practice Guidelines. I urge the Commission and Underwriters to ensure steadfast implementation of these guidelines”
He added that the era of poor adjusters’ report could only be a think of the past only when all stakeholders work together to help in the practice of loss adjusting. “We must build the confidence of those working in this arm and enhance their hiring potential in the industry for the benefit of all”
He implored the incoming administration to engage insurance experts in its plans and programmes as the need for insurance professionals remain indispensable. “We trust that you will collaborate closely with professionals to promote the social, economic and political advancement of Nigeria” he urged.