The Nigerian Council of Registered Insurance Brokers (NCRIB) has called on the National Insurance Commission (NAICOM) to employ measure to discourage fake operators from the insurance industry.
Interim chairman of the NCRIB Abuja chapter, Ifeanyi Opara who made the call lamented that activities of racketeers in the industry has significantly affected genuine operators the income.
The chairman, particularly noted that the fake operators specialises in the issuance of Third Party Motor Insurance.
He said the call has become necessary as the fight could only be waged and realised when all stakeholders partner to eliminate fake insurance cover in the country.
Opara regretted that law the enforcement agents whose responsibility it is to identify and arrest these quacks by enforcing the Third party insurance have been compromised.
He said government, in an attempt to deepen insurance penetration, came up with the law but over the years after the third party insurance was made compulsory its enforcement has been an issue .
He complained that because the fake operators issue vehicle licence at low price motorists patronise them just to beat security operators.
“Now if you don’t have the money to obtain the comprehensive insurance, for instance, on your vehicle, you can afford the minimum price of about five thousand Naira to take up a third party insurance. So that one is made compulsory,” Opara stressed.
He added that the Vehicle Inspection Officers (VIO),the Road Safety Corps and the Nigerian police charged with the responsibility of ensuring that the compulsory insurance policies are enforced, have been found wanting in the discharge of their duties.