Home Business Insurance World NAICOM, FRSC Strengthens Collaboration To Ensure Compliance On Third-Party Insurance
Insurance World

NAICOM, FRSC Strengthens Collaboration To Ensure Compliance On Third-Party Insurance

Share
L-R Corps Marshall Shehu Mohammed, Federal Road Safety Corps (FRSC) and Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, National Insurance Commission (NAICOM)
Share

The National Insurance Commission (NAICOM) and the Federal Road Safety Corps (FRSC) have joined forces to strengthen enforcement of motor third-party compulsory insurance in Nigeria. This collaborative effort aims to promote a safer and more secure environment for all road users.

During a working 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. Mr. Omosehin highlighted 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:
Financial Benefits and Non-Financial Benefits. 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. Non-financial benefits include financial safety, peace of mind, and confidence in compliance with government regulations.

The CFI 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.

In response, 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 to have.

Share

Businesstoday Magazine

Businesstoday Conference/Awards

Related Articles

Photo News: Faces of Anchor Insurance Team at the 2025 Insurance Walk

Anchor Insurance Company Team led by the Deputy General Manager, Business Development,...

NIA Elects Ebose Augustine, MD/CEO, Anchor Insurance As Honorary Assistant Treasurer

The Nigerian Insurers Association (NIA), the umbrella body of all insurance and...

Unitrust Insurance Sponsors 2025 NCRIB CEOs’ Retreat In Kano

Unitrust Insurance Limited, Nigeria’s top  underwriter has sponsored the 2025 Nigerian Council...

Insurers Pays N622 billion As Claims In 2024-NIA

BY NKECHI NAECHE-ESEZOBOR—Despite the harsh economic challenges, the Nigerian insurance industry  at...