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The National Insurance Commission (NAICOM) and the Federal Road Safety Corps (FRSC) on Thursday agreed to work together to enforce compliance with the Third-party Motor Insurance policy in the country.
Third-party insurance is the minimum coverage compulsorily required by law for any vehicle on Nigerian roads.
Addressing journalists after a meeting with the heads of both agencies, Commissioner for Insurance, Nigeria/Chief Executive, NAICOM, Mr. Olusegun Omosehin, said discussions focused on various areas of collaboration to enforce compliance, boost confidence in insurance and make the roads safer.
Omosehin vowed to ensure that going forward insurance firms pay claims associated with third party insurance,and urged Nigerians to take advantage of the benefits of the cover.
He said as the insurance industry regulator, all reported applications will be attended to and encouraged policy holders to come forward for their mature claims.
He said NAICOM under his watch will continue to prioritise payment of claims, adding that the commission has set up a website and complaint bureau to handle instances of non-compliance.
He said the current NAICOM administration is pushing for zero tolerance for payment insurance claims.
He said, “War is changing the narrative, and I and my team are here to reform the insurance sector to make Nigerians believe in insurance.”
He said Nigerians should henceforth see insurance as that comfort that is readily available for them when needed.
Omosehin said the commission was ready to cleanse the market, adding that when passed into law, the new insurance bill raises the share capital of insurance operators to be able to further pay claims.
He said, “We are determined to see this through” adding that the verification of genuine insurance remained a major priority for the commission.
On his part, the Corps Marshal, Federal Road Safety Corps (FRSC), Shehu Mohammed, ensured road safety was a collective responsibility, adding that the agency remained ready to partner NAICOM for this purpose.
He said the third party insurance for vehicles remained a compulsory requirement that would be enforced 100 per cent to reduce road traffic accidents.
He emphasised that third-party policy was part of the National Road Safety Regulation 2016.
James Emejo
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