NAICOM Partners States On Sale Of Genuine Insurance Cover

The National Insurance Commission (NAICOM) is currently partnering States across the federation to ensure that only genuine insurance papers are sold at vehicle licensing offices nationwide.

The commissioner for Insurance/CEO, NAICOM, Mr. Sunday Thomas, who stated this yesterday during its organised awareness workshop on third party motor insurance, at Itan Central Park Uyo, Akwa-Ibom State, noted that, the commission has so far visited Lagos, Ogun, Kano, Katsina, Kaduna, Edo among other states to re-orientate governors on the need to review the current structure at vehicle licensing offices, as they have become a hideout for fake insurance peddlers.

Thomas, who was represented at the event by the head, Corporate Communications and Market Development, NAICOM, ‘Rasaaq Salami, noted that, the commission will also visit the new governor of Akwa Ibom State to ensure that all licensing offices within the state are rid of fake insurance papers.

While addressing the drivers and other road users at the park, he said, the current structure whereby licensing officers are the ones selling insurance papers to motorists who come for vehicles document renewal is not statutory and ideal, adding that, this system is promoting sale of fake insurance papers to unsuspecting vehicle owners, thereby, denying them the benefits of genuine coverage.

In the past, he said, NAICOM had raided licensing offices and the culprits were handed over to the police for further prosecution, advising motorists to always go to registered insurance companies, agents or brokers for their insurances, especially, motor insurance.

He, however, disclosed that, any genuine insurer who wants to have its policy sold at licensing offices must have a desk and a desk officer there who will be in charge of motor insurance policy sales as well as attend to complaint of policyholders on behalf of his or her insurer.

Speaking on the purpose of the workshop, he said, the gesture was to create awareness on third party motor insurance and the need for motorists to procure genuine insurance coverage, noting that, third party motor insurance is required by law for all motorists plying Nigerian roads.

Stating that motorists stand to get up to N3 million for third party liabilities on a new premium payment of N15,000 per annum, he listed other benefits to include; coverage across West African subregion and the confidence it brings when driving on the roads with original insurance papers.

While promising road users that claims will be paid on genuine insurance papers, he charged aggrieved motorists to approach NAICOM for redress if their insurers fail to pay genuine claims.

Leadway Assurance, Anchor Insurance, Coronation Insurance and Zenith Prudential partnered NAICOM on this sensitisation exercise, while the commission distributed to the participants, souvenirs, especially, polo with the inscription: ‘3rd Party Motor Insurance=N3m Benefits and More’