NAICOM, FRSC in Synergy To Ensure Compliance With Third Party Motor lnsurance
The National Insurance Commission (NAICOM) and the Federal Road Safety Corps (FRSC) are collaborating to strengthen enforcement of third-party motor insurance in Nigeria.
The synergy is part of broader agenda to promote a safer and more secure environment for all road users in the Country.
Speaking on his visit to the FRSC headquarters in Abuja, the Commissioner for Insurance Mr. Olusegun Ayo Omosehin commended the Corps Marshal, Shehu Muhammed, for his efforts in ensuring road safety in Nigeria, while highlighting NAICOM’s role in regulating the insurance industry and driving growth and development in the country.
The commissioner emphasized the importance of third-party motor insurance, outlining its benefits in two parts:
He said under financial benefits, victims of damage caused by insured vehicles are entitled to ₦3 million, while in the event of death, the compensation is unlimited, depending on the value of the deceased individual, adding that Non-financial benefits include financial safety, peace of mind, and confidence in compliance with government regulations.
He called for improved collaboration between NAICOM and FRSC to ensure road safety, emphasizing that while it is the primary duty of FRSC, it is also an auxiliary duty of NAICOM to provide risk-mitigating measures through policy regulations.
Responding, Corps Marshal Shehu Muhammed assured Omosehin of his partnership, stating that third-party insurance policy is the primary responsibility of the Road Safety Corps and part of the National Road Traffic Regulation, which makes it compulsory for every vehicle owner in the Country.
