National Insurance Commission (NAICOM) is set partner with the FCTA
Directorate of Road Transport Service so as to address the issue of FAKE” Third (3rd) Party Motor Insurance .
Speaking at a strategic meeting with Director Road Transport Service FCTA the commissioner for Insurance and Chief Executive officer NAICOM Olorundare Sunday Thomas says, effective collaboration between NAICOM and DRTS will help reduce the incidences of Third-party motor insurance irregularity by enhancing active policing to ensure adequate Insurance management system.
I’m his remark the Director, DRTS, noted that a lot of individuals renewing 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 N4,000 considering the fact that they may have engaged unauthorised persons to help process their request.
The Director, DRTS further mentioned they are now leveraging technology to curb such issues and that 98% of its processes are now automated. In addition, he stated that individuals can commence the process of their vehicle particulars renewal from the comfort of their homes.
The Commissioner for Insurance also informed the Director, DRTS on the enhanced third-party Motor Insurance which became effective 2nd January, 2023 increasing its premium from N5,000 to N15,000 and also its benefits from N1,000,000 to N3,000,000 covers respectively for the protection of road users.
