Monday, September 8, 2025
23.9 C
Lagos

CAMCONIA Chair: Need for Education on the Enforcement of Third-Party Motor Insurance

The Chairman of the Corporate Affairs Committee of Nigerian Insurers Association (CAMCONIA), and Head of Corporate Communications and Investor Relations for Sovereign Trust Insurance Plc, Segun Bankole has lent his voice to the ongoing enforcement of the Third-Party Motor insurance policy which commenced on February 1, 2025.

According to him, it has become very imperative that some form of education is put out there for the benefit of the insuring public, the general public and officers of the Nigerian Police Force, NPF, who are saddled with the responsibility of enforcing the implementation of the Third-Party Motor insurance policy.

In his words, “there has been complaints from some members of the insuring public about the way and manner the enforcement is being carried out which needs to be addressed to avoid any form of misunderstanding between motorists and the law enforcement officers across the country.’

Quite a number of comprehensive motor policyholders from various insurance companies have been at the receiving end since the enforcement began. They argued that the law enforcement officers do not recognise their comprehensive motor insurance policy and insist that they should go and get the Third-party motor insurance cover as directed by the Inspector General of Police.

For the avoidance of doubt, The IGP in his broadcast categorically stated that, “at least a Third-Party Motor Insurance Policy is required for anyone to have his or her vehicle on the road in Nigeria as from February 1, 2025’.

Third-Party Motor Insurance offer policyholders, indemnity against legal liabilities to third parties for death, injury and property damage while on the other hand, comprehensive motor insurance covers loss or damage from accidents, fire, theft, and third-parties’ liabilities and own damage.

In other words, it is valid and relevant under Section 68 of the Insurance Act of 2003 and the Third-Party Motor Insurance Act of 1950.

The collaboration between the Nigerian Police Force and the National Insurance Commission, NAICOM, in ensuring that motorists across the country has at least a Third-party Motor Insurance policy is a very good and welcome development which should earn the trust of Nigerians.

Segun Bankole advocated for more enlightenment on the enforcement and urged motorists to embrace the development and see it as a way forward to protecting the lives and properties of Nigerians when road crashes occur especially for the third parties.

 

 

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

WEF Convenes Global Business for COVID Action Platform

The dramatic spread of COVID-19 has disrupted lives, livelihoods,...

Africa: Reinsurers Bullish on Future of $8.3bn Market

According to the first Africa Reinsurance Pulse, launched at...

Global ICT Capacity Building Symposium for Human Dev

Local and international journalists are invited to submit their...

Hilton Expands Nigerian Presence with 350-Room Hotel

Hilton has announced the signing of a management agreement...

Naira Redesign: Ecobank Offers Customers 8% Interest on Deposit of Old Notes

Ecobank Nigeria has again called on its customers to...

Veritas Kapital Assurance Reports 1101% Net Profit Growth in 2023

Veritas Kapital Assurance Plc, one of Nigeria’s leading insurance...

Losses in Bellwethers Drag Domestic Bourse into the Red…NSE ASI Down 44bps

After starting the trading day on a positive note...

Global Commercial Aircraft Market to Reach $209bn by 2022

The world commercial aircraft market is expected to reach...
spot_img

Related Articles

Popular Categories

spot_imgspot_img