Police, NAICOM inaugurate committee on obligatory insurance coverage

The Nationwide Insurance coverage Fee and the Nigeria Police Drive have inaugurated a joint committee on enforcement of obligatory insurance coverage legal guidelines.

The joint committee was inaugurated at NAICOM’s headquarters in Abuja on Thursday, an announcement from the regulator mentioned.

It revealed that the transfer is geared toward strengthening insurance coverage compliance within the nation and the announcement by the Inspector-Normal of Police on the enforcement of motorcar insurance coverage efficient February 1, 2024.

On the inaugural assembly of the committee, the Commissioner for Insurance coverage, Olusegun Omosehin, was represented by the Deputy Commissioner for Insurance coverage, Finance, and Administration, Mr Ekerete Ola Gam-Ikon, and the Police Drive workforce was led by DCP Mallum Maina.

The assertion indicated the targets of the joint committee to incorporate “Develop and implement methods for implementing obligatory insurance coverage in Nigeria. Guarantee compliance with obligatory insurance coverage insurance policies as mandated by the Insurance coverage Act and different associated legal guidelines.

“Foster synergy and collaboration between NAICOM and NPF and supply coaching and capacity-building packages for personnel of each organizations on obligatory insurances.”

The scope of their work might be to guage current challenges in implementing obligatory insurance coverage and suggest options.

“Develop protocols for joint enforcement operations of obligatory insurance coverage. Advocate coverage reforms to strengthen insurance coverage compliance. Undertake public sensitization packages on obligatory insurance coverage and develop coaching packages for personnel of each organizations on obligatory insurance coverage.

“The joint committee’s inauguration marks a major step in the direction of making certain that every one car homeowners adjust to obligatory insurance coverage legal guidelines. This collaboration goals to advertise a safer and safer atmosphere for all highway customers,” the assertion added.

Earlier within the month, the Inspector-Normal of Police, Mr Kayode Egbetokun, introduced that beginning February 1, 2025, the Nigeria Police Drive will intensify efforts to implement compliance with third-party motor insurance coverage legal guidelines.

This transfer adopted discussions with the Commissioner for Insurance coverage and of NAICOM on the crucial position of insurance coverage in highway security and the authorized penalties of non-compliance.