NAICOM, NPF Synergise To Reinforce Enforcement Of Compulsory Insurance Policies

LAGOS – Aiming at strengthening the enforcement of Com­pulsory Insurance poli­cies across the country, the duo of the National Insurance Commission (NAICOM) and the Nigerian Police Force (NPF) have met to restrategise on how best to achievement full penetration.

This was on the frontburner of the meeting of the two federal gov­ernment agencies when Mr. Oluse­gun Ayo Omosehin, the Commis­sioner for Insurance/CEO of the National Insurance Commission (NAICOM), paid a courtesy visit to Kayode Adeolu Egbetokun, Ph.D., NPM, the Inspector General of Police, at Louis Edet House, Force Headquarters, Abuja recently.

A statement from the Commis­sion noted that the purpose of the visit was to seek an audience with the IGP and the management of the Nigerian Police Force (NPF), who are critical stakeholders aligned with NAICOM’s vision, to achieve its mandate, particularly in the area of compulsory insurance enforce­ment.

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During the visit, the Commis­sioner for Insurance requested col­laboration to advance the Nigerian insurance sector roadmap. He em­phasised that it is unlawful for indi­viduals to drive on the road without valid motor insurance (3rd party), he noted that less than a quarter of the vehicles have valid motor insur­ance. The CFI stated that the visit aimed to seek NPF’s collaboration to ensure the enforcement of com­pulsory 3rd party motor insurance, as mandated by law.

The CFI also highlighted that in 2023, the ECOWAS Brown card has 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. Addi­tionally, he noted 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. He mentioned 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 this initiative would be a significant achievement for Nigeria.

In response, the IGP assured the CFI of the Nigerian Police Force’s full support in enforcing compul­sory 3rd party insurance. He an­nounced that a team, headed by the DIG Operations, would be set up to oversee the enforcement of compul­sory insurance.