Two key Insurance agencies in the country, the National Insurance Commission, and the National Health Insurance Authority are collaborating with the Federal Road Safety Corps (FRSC), to ensure compliance with the new Nigerian Insurance Industry Reform Act 2025.
The reform centre on motor insurance policy compliance among motorists in the country.
This was made known in a statement issued yesterday by the Commission following a meeting in Abuja.
At the meeting which was held at NAICOM Headquarters the insurance agencies with FRSC agreed on modalities of integrating data in insurance policies’ administration in the country
They also agreed to commence public awareness campaigns, and joint enforcement of compulsory motor insurance requirements across the country.
Data integration aspect of the collaboration would enable the bodies undertake real-time verification of vehicle insurance especially helping in checkmating fraud.
A joint enforcement committee, was also tasked with ensuring strict compliance with motor insurance policies amongst motorists, while also helping to chemated the problem of fake documentation.
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Reacting to the collaboration, the Commissioner for Insurance, Mr. Olusegun Omosehin, restated the commitment of NAICOM to the working arrangement as a way of safeguarding the interests of motorists.
“NIIRA 2025 has strengthened the compulsory third-party motor insurance policy and established a fund for compensating road accident victims, which will be administered by a committee that includes FRSC representation”, Omosehin stated.
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