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.
