The Commissioner for Insurance/CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin has visited the Inspector General of Police, Kayode Adeolu Egbetokun, Ph.D., NPM, at Louis Edet House, Force Headquarters, Abuja on Tuesday, 11th June, 2024.
The courtesy visit was to seek an audience with the IGP and the management of the Nigerian Police Force (NPF), who are critical stakeholders who shared NAICOM’s vision in achieving its mandate, particularly in the area of enforcement of compulsory insurance.
The Commissioner for Insurance during the visit, called for collaboration in advancing the Nigerian insurance sector roadmap, emphasizing that it is unlawful for individuals to drive on the road without valid motor insurance (3rd party), adding that less than a quarter of the vehicles have valid motor insurance.
The visit according to the CFI is to seek NPF’s collaboration to ensure the enforcement of compulsory 3rd party motor insurance, as mandated the by law.
The CFI also highlighted that in 2023, the ECOWAS Brown card had been captured in the upgraded premium for 3rd party motor insurance cover by NAICOM, allowing insured vehicles to travel across the West African sub-region adding that the benefits attached to the 3rd party insurance had been increased to N3 million.
To further this initiative, the CFI underscored the need for digitisation platforms to authenticate the validity of vehicle insurance saying that this system is already being implemented by the Lagos State government.
The CFI requested the establishment of a team to collaborate with the Commission in conducting enforcement actions, asserting that the success of the initiative would be a significant achievement for Nigeria.
In response, the IGP assured the CFI of the support of the Nigerian Police Force in enforcing the compulsory 3rd party insurance adding that a team, headed by the DIG Operations, would be set up to oversee its enforcement.