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NAICOM seeks collaboration with Nigerian Police to enforce motor insurance compliance

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The National Insurance Commission (NAICOM) has sought the collaboration of the Nigeria Police Force to advance the insurance industry roadmap, particularly in enforcing Motor Third-Party Insurance.

The Commissioner for Insurance and CEO of NAICOM, Olusegun Ayo Omosehin made this request during a courtesy visit to Inspector General of Police Kayode Adeolu Egbetokun at Louis Edet House, Force Headquarters, Abuja.

Omosehin noted the critical role of the Nigerian Police Force in achieving NAICOM’s mandate, especially regarding compulsory insurance enforcement.

He highlighted the legal requirement for valid motor insurance and noted that less than a quarter of vehicles currently comply with this mandate.

The visit aimed to secure the NPF’s collaboration in ensuring adherence to compulsory third-party motor insurance laws.

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The Commissioner also discussed recent updates to the insurance sector, including the incorporation of the ECOWAS Brown Card into the upgraded premium for third-party motor insurance, which allows insured vehicles to travel across the West African sub-region.

Additionally, he pointed out that the benefits of third-party insurance had been increased to N3 million.

Omosehin underscored the importance of digital platforms to verify vehicle insurance validity, citing Lagos State’s implementation of such a system.

He proposed the formation of a collaborative team between the Commission and the Police to enforce these insurance regulations effectively.

In response, IGP Egbetokun assured NAICOM of the Nigerian Police Force’s full support. He announced the establishment of a team, led by the Deputy Inspector General of Operations, to oversee the enforcement of compulsory motor insurance.

This initiative aims to significantly enhance compliance and drive progress in Nigeria’s insurance sector.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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