NAICOM Moves to Enforce Compulsory Insurance Policy in States, FCT

Sunday Thomas, Commissioner For Insurance

By Tony Obiechina, Abuja

The National Insurance Commission (NAICOM) is set to enforce its recently introduced compulsory insurance policy in the states, beginning with the Federal Capital Territory (FCT).

The Insurance Act of 2003 and other relevant laws of the Federal Republic of Nigeria make it mandatory for third party motor insurance in respect of all mechanically propelled vehicles that ply the public roads.

The same applies to “all buildings under construction that are more than two floors; all public buildings including schools, offices, hotels, hospitals, shopping malls; professional indemnity for all medical practitioners and hospitals; and group life insurance cover by employers for employees where there are more than three persons; annuity for retirees as provided under the Pension Reform Act 2014”.

The Commissioner for Insurance, National Insurance Commission, Mr Sunday Thomas, had disclosed recently during a sensitization programme in Kano that NAICOM is partnering with states to ensure the enforcement of compulsory insurance policies in the country.

To this end, the Commission on Thursday in Abuja, as part of its Pilot Scheme, organised a workshop for the Joint Taskforce on Enforcement of Compulsory Insurances in the FCT.

A statement from NAICOM said “the workshop is aimed at sensitising members of the Taskforce on the requirements of the law with respect to the compulsory insurances as well as the enforcement modalities to be adopted by the taskforce Committee.

The Taskforce comprises the Nigeria Police Force, the Federal Road Safety Corp, the Federal Fire Service, FCT Fire Service, VIO, the Office of the Attorney General of the Federation and the Federal Capital Territory Administration.

The enforcement exercise within the FCT is expected to begin in the next few weeks.

Be the first to comment

Leave a Reply