By Bassey Udo
The National Insurance Commission (NAICOM) and the Federal Road Safety Corp (FRSC) say they have agreed to work together to ensure the reform of the insurance sector and make it add value to the country’s road transportation system.
The two agencies said on Thursday that they were ready to collaborate to enforce compliance with compulsory third-party vehicle insurance policy throughout the country to make road users enjoy their experience.
The partnership agreement was announced at a joint press briefing addressed by both the Commissioner for Insurance, Olusegun Omosehin, and the FRSC Corps Marshal, Shehu Mohammed at the FRSC Headquarters in Abuja.
Omosehin said NAICOM was committed to the reform of the insurance sector and cause its turnaround, to make the people see comfort in taking insurance policies.
“The Commission is committed to cleansing the insurance market of fringe players that cannot fulfil their obligations to policyholders. We are determined to ensure that only operators with sound and stable capacity to pay claims are allowed to remain.
“We have zero tolerance to non-payment of insurance claims by any operator. Since my Board came in, we have been working to make the sector deliver value to the people. That is why we sacked the Boards of insurance companies we found not paying claims and annuities to policyholders. If a policyholder has paid his premium, he deserves to be paid claims as and when necessary,” he said.
Also, he said a bill for increment of insurance capital base for all operators in the sector was currently before the National Assembly as part of efforts to ensure only operators with the sound financial capacity to handle the payment claims stay.
The commissioner urged the FRSC and insurance policyholders to feel free to report any irregularity or poor services by any insurance company, assuring of an expedited attention and response within 24 hours.
To ensure that prompt attention was given to all complaints and reports by insurance policyholders, he said the Commission has established a complaints bureau to handle all reports and ensure timely processing of public complaints.
To make the processing of insurance claims easy in the event of road accident, Omosehin said NAICOM would soon introduce an electronic passenger manifest in all motor parks and garages, as inadequate passenger database during such periods have always delayed the payment of claims to beneficiaries.
Besides, Omosehin said NAICOM would soon commence electronic settlement of insurance claims to guarantee public trust and confidence in the sector.
“Nigerians must recognise the benefits of third-party insurance policy. NAICOM remains committed to ensuring that claims are duly paid and promptly.
“We appeal to Nigerians to be very positive about the issue of benefits of third-party insurance policy. NAICOM is here to enforce any area around claims payments. As the Commissioner for Insurance, I am giving my word that the insurance sector is up and doing and will be ready to meet all expectations,” Omosehin said.
On his part, the Corps Marshal who expressed happiness over the visit to his office by the NAICOM team said the FRSC was ready at all times to cooperate with any agency that was ready to ensure safe motoring on the country’s roads.
He said the FRSC was excited over the resolve by the two agencies to explore various areas of collaboration to ensure safe motoring on the country’s roads, particularly ways to enforce compliance with third party insurance policy among motorists.
The FRSC boss urged NAICOM to expedite the process of developing an electronic code or technology-based system to ensure easy verification of insurance certificates to curb the rising incidence of fake certificates in the country.
“The menace of fake insurance certificate must be dealt with squarely. NAICOM must device a means of authenticate or verification of an insurance certificate, as this is seriously affecting the integrity of the insurance industry,” he said.
He said the partnership with NAICOM to enforce compliance with the third-party insurance policy among road users would drastically reduce road accidents.
