By JEFF ADE

The Commissioner for Insurance/Chief Executive Officer of the National Insurance Commission, NAICOM Mr. Olorundare Sunday Thomas has paid a courtesy visit on the Director, Road Transport Service, FCTA, Dr. Bello Abdul-Lateef. The purpose of the visit was to formally explore areas of collaboration in curbing instances were persons circumvent the system by paying lower premium than expected, and addressing the issue of “FAKE” Third (3^rd) Party Motor Insurance.

The Director, DRTS, noted that a lot of individuals renewing their vehicle particulars were not getting value for the insurance premium being paid as they did not validate the insurance policies after purchase even though they might have paid N15,000; whereas the cover they were actually given cost N4,000 considering the fact that they may have engaged unauthorised persons to help process their request.

The Director, DRTS further said that they are now leveraging technology to curb such issues and that 98% of its processes are automated. He also stated that individuals can commence the process of their vehicle particulars renewal from the comfort of their homes.

The Commissioner for Insurance also informed the Director, DRTS on the enhanced third-party Motor Insurance which became effective 2^nd January, 2023, increasing its premium from N5,000 to N15,000, and benefits from N1,000,000 to N3,000,000 covers, respectively, for the protection of road users.

The Commissioner further remarked that effective collaboration between NAICOM and DRTS will help reduce the incidences of Third-party motor insurance irregularity by enhancing active policing and adequate Insurance management system.

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