NAICOM gears up to enforce compulsory insurances with security agencies

BY Business a.m.

Nigeria’s insurance industry regulator, National Insurance Commission (NAICOM) is gearing up for the enforcement of compulsory insurance as it organised a workshop recently for the Joint Task Force on Enforcement of Compulsory Insurance in the Federal Capital Territory (FCT) in a pilot scheme.

The regulator explains that the law recognises compulsory insurance classes to include those that the law makes mandatory, including motor third-party liability insurance. Other types of compulsory insurance include workers’ compensation, professional liability insurance, aviation third-party insurance and marine cargo insurance.

Rasaq Salami, NAICOM spokesman, said the workshop was aimed at sensitising members of the taskforce to the requirements of the law with respect to the compulsory insurance classes as well as the enforcement modalities.

“The Taskforce is composed of the Nigeria Police Force, the Federal Road Safety Corps, 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,” Salami said.