NAICOM, Police Collaborate And Re-strategize For Enforcement Of Compulsory Insurance Policy

… As Omosehin notes less a quarter of vehicles have valid motor insurance

The National Insurance Commission (NAICOM) and the Nigerian Police Force (NPF) have teamed up to ensure full scale enforcement of compulsory insurance, most especially Third Party Motor Insurance.

Towards actualizing 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.

This forms part of the outcomes of 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, Ph.D., NPM, at Louis Edet House, Force Headquarters, Abuja on Tuesday, 11th June, 2024.

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.

During the visit, the Commissioner for Insurance set the tone of discussion  with a request for collaboration to advance the Nigerian insurance sector roadmap.

Mr. Ayo Omosehin emphasised 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.

The CFI stated that the visit was aimed at seeking NPF’s collaboration to ensure the enforcement of compulsory 3rd party motor insurance, as mandated by law.

He further 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, citing 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.

Egbetokun announced that a team, headed by the DIG Operations, would be set up to oversee the enforcement of compulsory insurance.