By Tony Obiechina, Abuja
The National Insurance Commission (NAICOM) and the Directorate of Road Transport Service (DRTS) of the Federal Capital Territory Administration (FCTA) are collaborating on how to tackle the rampant cases of Fake Third party motor insurance and cases were persons circumvent the system by paying lower premium.
Consequently, the Commissioner for Insurance/Chief Executive Officer of the National Insurance Commission, NAICOM Mr. Olorundare Sunday Thomas on Wednesday met with the Director, DTRS, Dr. Bello Abdul-Lateef in Abuja to formally explore areas of collaboration in that respect.
Speaking, the Director of 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.
According to him, the cover they were actually given costs N4,000 considering the fact that they may have engaged unauthorised persons to help process their request.
The Director further stated that they are now leveraging technology to curb such issues and that 98% of its processes are now automated. In addition, he stated that individuals can commence the process of their vehicle particulars renewal from the comfort of their homes.
The Commissioner for Insurance informed the Director, on the enhanced third-party Motor Insurance which became effective 2nd January, 2023 increasing its premium from N5,000 to N15,000 and also its benefits from N1,000,000 to N3,000,000 covers respectively for the protection of road users. READ ALSO:
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The Commissioner pointed out that effective collaboration between NAICOM and DRTS will help reduce the incidences of Third-party motor insurance irregularity by enhancing active policing to ensure adequate Insurance management system.
