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NEWS UPDATE: NAICOM to announce new price for ​Third Party Motor Insurance

NEWS UPDATE: NAICOM to announce new price for ​Third Party Motor Insurance

The National Insurance Commission (NAICOM) will before long denote a new damage for Third Political party Motor Insurance.

The Chairman, Nigeria Insurers Organization (NIA) Commission on Publicity, Ebelechukwu Nwachukwu told the media that the take-off would be in Jan 2022.

Nwachukwu, Managing Managing director, NSIA Insurance Ltd., said the Insurers Commission was working on the review of the motor policy. The written report will be submitted to NAICOM in Nov.

“By Jan. 1, 2022, the regulator should be able to denote a scientific new damage for the third political party insurance policy that will also include the ECOWAS Chocolate-brown Card”, she famous.

Nwachukwu disclosed that insurers met with ECOWAS representatives on how to physical process, issue the brownish card with motor insurance and how it will work in Nigerian.

At the coming together, NAICOM highlighted risks it would usage to degree insurance firms when it visits for the Risk-Based Supervision (RBS).

They are Credit risk, Liquidity risk, Market place risk, Insurance risk, Operational risk, Legal regulatory risk, Compliance risk and Strategic risk.

Nwachukwu farther confirmed that NAICOM did a examine run of the RBS in 5 insurance companies.

“Highlighting the risk is good for the underwriters so that we can go dorsum in-house to ensure that our reports are criterion regarding reporting RBS to the regulator”, the official said.

The Insurers Commission comprises NAICOM and Primary Executive Officers (CEO) of Insurance companies in Nigeria.





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