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Home Lead-In

NAICOM, States Partner To Ensure Authentic Insurance Coverage In Licensing Offices

by Zaka Khaliq
2 years ago
in Lead-In
Reading Time: 2 mins read
NAICOM
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The National Insurance Commission (NAICOM) has embarked on a collaborative initiative with various states across Nigeria to ensure the sale of only genuine insurance documents at vehicle licensing offices nationwide.

Mr. Sunday Thomas, the Commissioner for Insurance and CEO of NAICOM, highlighted this effort during an awareness workshop focused on third party motor insurance, held at Itan Central Park in Uyo, Akwa-Ibom State. Thomas noted that NAICOM has already engaged with states including Lagos, Ogun, Kano, Katsina, Kaduna, and Edo, to address the presence of fraudulent insurance offerings within vehicle licensing offices. These offices have unfortunately become a breeding ground for counterfeit insurance vendors.

At the workshop, which was attended by drivers and other road users, Thomas, represented by ‘Rasaaq Salami, the Head of Corporate Communications and Market Development at NAICOM, emphasized that the current practice of licensing officers selling insurance papers to motorists during document renewals is not in line with regulations or best practices. This practice facilitates the distribution of fake insurance papers to unsuspecting vehicle owners, depriving them of legitimate coverage.

In the past, NAICOM has conducted raids on licensing offices where fraudulent activities were identified. Offenders were handed over to law enforcement for prosecution. Thomas urged motorists to procure their insurance policies from registered insurance companies, agents, or brokers, especially for motor insurance.

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Thomas also outlined NAICOM’s requirement for insurers seeking to sell policies through licensing offices. Insurers must assign a designated desk and officer responsible for motor insurance policy sales and handling policyholder complaints.

The workshop aimed to raise awareness about the importance of third party motor insurance, which is mandated by law for all vehicles on Nigerian roads. Thomas highlighted that motorists could receive up to N3 million in coverage for third party liabilities with an annual premium payment of N15,000. Additional benefits include coverage across the West African subregion and the confidence that comes with possessing legitimate insurance documents.

Assuring participants that claims would be honored for valid insurance papers, Thomas encouraged drivers with legitimate grievances to approach NAICOM for assistance if insurers fail to honor genuine claims.

 

Tags: Insurance Coverage In Licensing OfficesNAICOM
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