Sunday, September 28, 2025
26 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

AIICO Deepens Bond with Retirees, Holds Annuity Forum in Lagos, PH

Mr. Gbenga Ilori, Head, Retail Business at AIICO, in...

Sovereign Trust Insurance Holds 30th AGM

L-R: Eric Balogun, Independent Director, Emi Faloughi, Director, Kayode Adigun,...

Unity Bank Shareholders Approve Merger with Providus Bank

  EGM: From left: Mr. Usman Abdulkadir, Executive Director, Risk...

NNPCL: Ogoni Re-entry is a Beacon of Reconciliation through Collaboration

The re-entry into Ogoniland marks a historic turning point...

NLNG, NCDMB Celebrate 122 Graduates of Train 7 HCD Training Program

NLNG in collaboration with the Nigerian Content Development and...

Topics

Shell, 8 Banks Sign $2.2bn Contractor Financing Deal

Shell Companies in Nigeria, supported by the Nigerian National Petroleum Corporation (NNPC) has signed Memoranda of Understanding (MoUs) with eight Nigerian banks under the refreshed Shell Contractors’ Support Fund, the latest milestone in efforts to improve access to finance for Nigerian vendors and suppliers in the oil and gas industry.

$7m Prize to Fund African Renewable Energy Projects

Access Power, a developer, owner and operator of power...

NAICOM, Kaduna State Partner on Compulsory Insurance

President, National Association of Insurance and Pension Correspondents (NAIPCO),...

Global Passenger Traffic Rose 5.3% in March

The International Air Transport Association (IATA) announced global passenger...

Unity Bank Boosts Capacity Building on Blue Economy, Empowers 3,000 Girls

Mrs. Tomi Somefun Managing Director/CEO Unity Bank Plc No fewer than three...

Entrepreneurship: The Lonely Road to Sustainable Financial Future (2)

I honestly did not plan to pen Part 2 of this article (above) l did last week. But the response from our readers was overwhelming and many requested a follow-up. The message is very clear: Many Nigerians are eager to leave paid employment behind and plot their own destiny on their own terms. Even with all the bumps and spikes in the Nigerian business environment staked against entrepreneurs and small business owners, many still consider the Entrepreneur Route as the best route to their financial stability and future. A job is a job. A business is a business! It would be pertinent at this stage to look at key factors that would be of profound interest to existing and potential entrepreneurs.

Equities Market Extends Gains … NSE ASI Up 2.4%

The equities market opened the week positive, extending gains...

Petroleum Minister, NCDMB Boss, Simbi Wabote, Inspect Facilities at Gas Hub

L-R: Minister of State for Petroleum Resources (Oil), Senator...
spot_img

Related Articles

Popular Categories

spot_imgspot_img