NAICOM Recommits To Prompt Payment of Insurance Claims

Partners FRSC on 3rd Party Vehicle Insurance 

Oluwakemi Kindness

The National Insurance Commission (NAICOM) on Thursday urged Nigerians to be more positive on the benefits of insurance in the country.

This is as the Commission reiterated it’s committment to ensuring that Insurance policyholders get their claims payment as at when due.

The Commissioner for Insurance, Olusegun Omosehin, stated this in Abuja on Thursday when led his management team on a visit to the Corp Marshal of the FRSC, Shehu Mohammed, seeking its collaboration in driving the 3rd party motor insurance policy.

According to Omosehin, under his leadership of the Insurance regulatory body, his mantra is Zero tolerance for non payment of claims by insurance companies.

He said “as the commissioner for insurance, I’ve given my word that the insurance sector is up and doing and will be ready to meet all expectations.”

“On Issues of complaints, we’ve set a desk to address it”.

Speaking with Newsmen after the meeting, the NAICOM boss also recalled a bill that recently passed in the Senate with a key element to move the share capital of insurance institutions.

According to him, the bill which is a necessary move to sanitize the sector, is now in the House of Representatives for concurrence.

“So we want to ensure that operators we have in the sector are those that are sound and stable and meet the needs of the populace. Within the first three months we took over, or within the first six months we took over, we had costs to take over another insurance company, we sacked the board, we sacked their management, we had to appoint an interim management to help us manage it”, he said.

“Because they messed up the company. They couldn’t pay admittance. Those ones are on the street screaming while the owners of the company are riding jeeps”.

On the outcome of the meeting with the FRSC, Omosehin, described the meeting as successful.

He noted that “NAICOM has met and discussed with the corp marshal and we’ve explored various areas of collaboration and working together for the two agencies”.

“And I’m happy to announce to Nigerians and the entire public that the two agencies have agreed to collaborate one, in ensuring a very safe and motorable safe roads , safety on our roads and enforcement of our third party motor insurance on our roads”.

“We hitherto have been enjoying this collaboration, but today we are putting it on another pedestal”.

Meanwhile, the Corps Marshal, Federal Road Safety Corps, FRSC, Shehu Mohammed, pledged the commitment of the Corps to enforcing the 3rd Party Vehicle Insurance in the country.

Mohammed said the FRSC is 100% in support of the policy which is part of the country’s road traffic regulations by law.

This commitment is coming as the Nigeria Police Force on 1st February 2025 commenced the enforcement of the 3rd Party Vehicle Insurance which is the minimum insurance by vehicle owners for a 3rd party.