…partners to enforce compulsory insurances
Industry regulator, the National Insurance Commission (NAICOM) is promoting technological initiative that will increase consumer confidence in the sector.
This is as it searches for the soul of compulsory insurance in Nigeria through partnership and collaboration with key stakeholders.
The Commission in the latest effort recently launched a portal aimed at helping consumers resolve their claims issue with little or no efforts.
Olusegun Omosehin, commissioner for Insurance said the commission in its ongoing efforts to effectively address complaints and ensure swift resolution in all insurance related issues has launched the NAICOM Complaint Management Portal.
The portal ‘complaints.naicom.gov.ng’ Olusegun said offers a streamlined and user-friendly platform for addressing all insurance related complaints.
“The Commission is urging the public to effectively utilise the platform to reach out to the Commission on all insurance related complaints, he said.
Read also: Reprieve for traders as NAICOM pushes insurance across markets
The search for soul compulsory insurance is a key component of NAICOM’s efforts to deepen the market so consumer confidence in the insurance industry is key, a senior official in the commission said.
“The search for soul compulsory insurance is a way for NAICOM to ensure that individuals and organizations comply with the law by purchasing the required insurance policies.”
Just last week, NAICOM and the Lagos State Fire Service held a strategic meeting in Abuja to improve collaboration and partnership in the ongoing effort to strengthen the enforcement of Public Building Insurance in Lagos State.
NAICOM also in June announced a partnership meeting with the Nigeria police after courtesy visit to the Inspector General of Police.
Omosehin said the purpose of the visit was to seek an audience with the IGP and the management of the Nigerian Police Force (NPF), who are critical stakeholders aligned with NAICOM’s vision, to achieve its mandate, particularly, in the area of compulsory insurance enforcement.
During the visit, the Commissioner for Insurance requested collaboration to advance the Nigerian insurance sector roadmap, emphasising that, it is unlawful for individuals to drive on the road without valid motor insurance (third party). He noted that less than a quarter of the vehicles have valid motor insurance, stating that the visit aimed to seek NPF’s collaboration to ensure the enforcement of compulsory third party motor insurance, as mandated by law.
The five compulsory insurances under the law are: Group Life Insurance in line with the Pension Reform Act 2004; Buildings Under Construction-section 64 of the Insurance Act 2003; Occupiers Liability Insurance –section 65 of the Insurance Act 2003; Motor Third Party Insurance –section 68 of the Insurance Act 2003; and Health Care Professional Indemnity Insurance- section 45 of the NHIS Act 1999.
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