The National Insurance Commission (NAICOM) and the Nigeria Police Force (NPF) have sealed partnership deal for the enforcement of compulsory insurance, most especially Third Party Motor Insurance.
In furtherance of this, the NPF has announced the setting up of a special team headed by the Deputy Inspector General (DIG) Operations to oversee the enforcement of compulsory insurance.
The collaboration was firmed up during a courtesy visit by the Commissioner for Insurance/CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin to the Inspector General of Police (IGP), Kayode Adeolu Egbetokun at Force Headquarters, Abuja.
The purpose of the visit was partly, to confer with the IGP and the management of the Nigerian Police Force (NPF), as critical stakeholders who aligned with NAICOM’s vision, to achieve its mandate, particularly in the area of compulsory insurance enforcement.
The Commissioner for Insurance, during the visit requested for collaboration to advance the Nigerian insurance sector roadmap.
He stressed that it is unlawful for individuals to drive on the road without valid motor insurance (3rd party), noting that less than a quarter of the vehicles in Nigeria have valid motor insurance.
Mr. Omosehin said his visit aimed at seeking the police›s collaboration to ensure the enforcement of compulsory 3rd party motor insurance, as mandated by law.
Furthermore, he highlighted that in 2023, the ECOWAS Brown card was captured in the upgraded premium for 3rd party motor insurance cover by NAICOM, allowing insured vehicles to travel across the West African sub-region, noting that the benefits attached to the 3rd party insurance had been increased to N3 million.
In pursuance of this goal, the CFI underscored the need for digitisation platforms to authenticate the validity of vehicle insurance, stating that the system is already being implemented by the Lagos state government.
Mr. Omosehin requested the establishment of a team to work with the NAICOM in conducting enforcement actions, asserting that the success of the initiative would be a significant achievement for Nigeria.
The IGP, in his response assured the CFI of the Nigeria Police Force’s support in enforcing compulsory 3rd party insurance.
IGP Egbetokun announced that a team, headed by the DIG Operations, would be set up to oversee the enforcement of compulsory insurance policy.
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