Mr. O. S. Thomas, the Commissioner for Insurance & CEO, National Insurance Commission (NAICOM) says the Commission is actively monitoring and taking note of insurance companies actively violating the new motor insurance rates in the country.
Thomas said at the 2023 Annual NAICOM Retreat for Insurance Journalists at Uyo, Akwa Ibom State, that the Commission will take punitive action against such insurers at the right time.
The NAICOM Chief said: “We’re taking regulatory note of insurers violating the new motor rates, which has come to stay. The system is adjusting to the new reality.”
He said the Commission has received a lot of commendations from various sources in respect of the N15, 000 Third-Party Motor Insurance despite the relative backlash from certain policyholders in the market.
In terms of micro-insurance, he said the challenges of micro-insurance growth in Nigeria include networking, infrastructure, insecurity and the recent rising cost of operations.
