NAICOM Gears Up Towards Enforcement Of Compulsory Insurances In Nigeria

Yemisi Izuora

The National Insurance Commission, NAICOM, has stepped up actions leading to full enforcement of compulsory insurances in Nigeria.
Over time, the NAICOM has been strategising to ensure that the insuring public complied with these provisions of the law concerning compulsory insurances, including partnering with the state governments, among others.
Oriental News Nigeria reports that the compulsory insurances are those classes of insurance made compulsory by law, frequently with the objective of providing protection to third parties and the general public.

The compulsory insurance includes Motor Third-party Insurance of section 68 of the Insurance Act 2003; Buildings under construction of section 64 of the Insurance Act 2003; Occupiers liability insurance of section 65 of the Insurance Act 2003; Group life insurance in line with the Pension Reform Act 2004 and Health Care Professional Indemnity Insurance-under section 45 of the NHIS Act 1999.

To fully ensure compliance through effectice implementation, the Commission on Thursday 23rd June, 2022 organised sensitisation workshop for the Joint Taskforce on Enforcement of Compulsory Insurances in the FCT as a Pilot Scheme.
The workshop specifically aimed at sensitising members of the Taskforce on the requirements of the law with respect to the compulsory insurances as well as the enforcement modalities to be adopted by the taskforce Committee.
The Taskforce comprises of the Nigeria Police Force, the Federal Road Safety Corp, the Federal Fire Service, FCT Fire Service, VIO, the Office of the Attorney General of the Federation and the Federal Capital Territory Administration.
The enforcement exercise within the FCT is expected to begin in the next few weeks.

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