Section 70: Time to settle claims.

(1) Subject to section 69 of this Act, in every case where a claim is made in writing by the insured or any other party entitled thereto under insurance policy, the insurer shall-
(a) where he accepts liability, settle the claim not later than 90 days after the insurance of discharge voucher;
(b) where any claim remains unpaid as provided in (a) above, the insured may request the Commission to effect the payment from the statutory deposit of the insurer and the Commission shall have power to effect such payment; or
(c) where he does not accept liability, deliver a statement in writing stating the reason for disclaiming such liability to the person making the claim or his authorized representative not later than 90 days from the date on which the person delivered his claim to the insurer.
(2) Any insurer who contravenes this section commits an offence and on conviction is liable to a fine of N500,000.