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Omosehin, at an interactive session with journalists in Lagos last Wednesday, revealed that they were managing some ailing insurance firms in order not to disappoint the public.

He said, “Most of you have reported instances of some consumers going to some entities you know, not being able to get their claims paid. These are some of the issues we are dealing with. We have some ailing entities that we are trying to manage in order not to disappoint the public.

“This is our job, but also the desire moving forward is to reduce this incident so we don’t have too many entities falling into that category. That involves a lot of work and all of that we are doing currently. But the reality of the situation is that, yes, we have a few that we are managing, and we are hoping to get out of this.”

Omosehin also sounded a note of warning to those involved in the running down of insurance firms, saying they would be made to revive them.

He warned that managers who have been involved in the failure of insurance companies would be blacklisted and barred from taking up positions in the insurance industry and stressed that NAICOM was not interested in killing companies, but in ensuring that they were revived to ensure the protection of policyholders.

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