NAICOM, FRSC Collaborate On Strengthening Compliance With Third Party Insurance.

The National Insurance Commission (NAICOM) and the Federal Road Safety Corps (FRSC) have joined forces to strengthen enforcement of motor third-party compulsory insurance in Nigeria.

This collaborative effort aims to promote a safer and more secure environment for all road users.

During a working visit to the FRSC headquarters in Abuja, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, commended the Corps Marshal, Shehu Muhammed, for his efforts in ensuring road safety in Nigeria.

Mr. Omosehin highlighted NAICOM’s role in regulating the insurance industry and driving growth and development in the country.

The commissioner emphasized the importance of third-party motor insurance, outlining its benefits in two parts, including financial benefits and non-financial benefits.

He explained that under financial benefits, victims of damage caused by insured vehicles are entitled to ₦3 million, while in the event of death, the compensation is unlimited, depending on the value of the deceased individual.

He said the Non-financial benefits include financial safety, peace of mind, and confidence in compliance with government regulations.

The CFI called for improved collaboration between NAICOM and FRSC to ensure road safety, emphasizing that while it is the primary duty of FRSC, it is also an auxiliary duty of NAICOM to provide risk-mitigating measures through policy regulations.

In response, Corps Marshal Shehu Muhammed assured Omosehin of his partnership, stating that third-party insurance policy is the primary responsibility of the Road Safety Corps and part of the National Road Traffic Regulation, which makes it compulsory for every vehicle owner to have.