Unpaid Premium: Ex-banker Decries NSIA Insurance Over Reliance On Article 6 Policy
A former senior staff of the First Bank Plc, Mr. Taiwo Shojobi, has condemned the management of NSIA Insurance Limited (formerly ADIC Insurance) for hiding under their Article 6 Surrender of Policy to deny him of his entitlements as a result of the company’s inability to follow up the collection of subsequent premium from him since 2008 to date.
Shojobi described the Insurance company’s reliance on Article 6 Surrender of Policy as a deliberate ploy embodied in the policy to defraud unsuspecting customers who had taken up the insurance policy in almost good faith, noting that the various articles in the policy were meant to guide the customers and not weapons to be used by the company to cover up its act of negligence to the customers.
He stressed that the insurance firm deliberately framed up and argument that their agent, who was dealing with him on their behalf, informed them that he (Shojobi) refused to continue with the premium payment without due recourse to him for confirmation, thereby once again exposing the firm’s act of negligence to their client.
The ex-banker noted that all attempts to trace NSIA’s agent, whom he was dealing with, proved abortive, adding that between that 2008 and September 2010 when he voluntarily retired from the services of First Bank Plc, he did not receive any communication whatsoever from neither the insurance firm’s agent nor their officer until 2015 (after 8 years) when he demanded for his benefits through his solicitor that he was informed that their agent had notified them that he (Shojobi) refused to continue payment of premium, whereas she had then seized to be an agent or representative of the insurance firm.
Shojobi stated that the insurance firm was duty bound to have confirmed the genuiness or otherwise of the statement made by their agent against their client by either writing or calling the client on phone for necessary confirmation, which the management never did.
He also decried the attitude of the management of NSIA Insurance Limited by not officially informing him and other customers of the change in the company’s corporate name when the firm had his contact address and phone numbers.
The ex-banker stressed that all his appeals to the insurance firm to get all the premium he had paid with the interest, profit and reversionary bonuses paid to him were rebuffed by the company.
Shojobi who noted that he had trust in the Commissioner for Insurance and the National Insurance Commission (NAICOM), urged the insurance industry regulatory agency to get him justice from the management of NSIA Insurance Limited by helping him to prevail on the insurance company to pay up all the premium he had paid with interest, profit and reversionary bonuses.