NAICOM seals agreement with FRSC, NHIS to drive compulsory insurances

True to it’s promise to intensify drive in compulsory insurances in all nooks and crannies in the country, the National Insurance Commission (NAICOM) has sealed agreement with the Federal Road Safety Corps (FRSC) to enforce Third Party Motor Insurance in the country

The Commissioner for Insurance, Olorundare Sunday Thomas, welcoming the Corps officers led by the Corps Marshal, Boboye Oyeyemi, to his office at Abuja yesterday agreed to work together to enforce the Third Party Motor Insurance in the country.

Similarly, the Commission also endorsed agreement with the Executive Secretary, National Health Insurance Scheme (NHIS), Prof Nasir Sambo, on the implementation of the Professional Indemnity Insurance for health workers.

It will be recalled that early last month the Chairman of the Nigerian Insurers Association (NIA), Ganiyu Musa, in a press briefing to insurance editors in Lagos, lamented that the insurance industry in Nigeria was losing over N50 billion yearly premium income to racketeers and non-insurance vehicles flying fake insurance certificates throughout the country.

He explained that out of the estimated 13 million vehicles in Nigeria, only about 2,939,767 buy Third Party Motor Policy.