NAICOM, FCTA Transport Directorate Collaborates to Tackle Fake Insurance

Ebere Nwoji

The National Insurance Commission (NAICOM), has said that it is collaborating with the leadership of the Road Transport Directorate, FCTA in fighting against fakers of Motor Third Party Insurance certificate and motorists who underpay the standard motor insurance premium rate.

The Commissioner for Insurance,  Mr Sunday Olorundare Thomas, made this known during a courtesy visit to the Director  Road Transport Service, FCTA Dr. Bello Abdul-Lateef.

During the visit, Thomas  informed Bello of the enhanced third-party Motor Insurance which became effective 2nd January, 2023 and which has seen the increase in premium payable on Motor Third Party insurance from N5,000 to N15,000 and also its benefits increased from N1,000,000 to N3,000,000.

Thomas informed  Bello that   effective collaboration between NAICOM and DRTS would help reduce the incidences of Motor Third-Party  insurance irregularity by enhancing active policing to ensure adequate insurance management system.

In his response, Bello  noted that many motorists who renew their vehicle particulars were not getting value for the insurance premium being paid as they did not validate the insurance policies after purchase even though they might have paid N15,000; whereas the cover they were actually given cost was N4,000 because  they might  have engaged unauthorised persons to help process their request.