NIC to the rescue of ESICH Life over delayed payments

The National Insurance Commission, NIC, has moved in to get customers of Esich Life Assurance access to their insurance claims.

The company has been saddled with bouts of customer picketing for almost a year now following failure by the clients to access their claims.

The woes of Esich Life have been connected with the collapse of Capital bank as they are associated companies of the same owner.

The company has initiated several measures to improve its liquidity and stay afloat.

Deputy Commissioner at the NIC, Simon Davor in an interview with Citi Business News said he hopes their intervention should bring some respite to affected persons.

“We have stepped in and we are managing that problem for them and we are making sure that all the matured policy holders get what is due them and so it is something that we are managing and the policy holders will attest to it,” he noted.

Mr. Davor will not readily disclose in specific, any of their interventions to the ailing company.

He however maintains that the affected customers should be able to get all outstanding issues sorted out as practical as possible.

“It is not everything that we do as regulators that we disclose to the public but when necessary, we will come out with what we want industry players to do or not,” he indicated.

Source: Citi Business News

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