NAICOM, FRSC deepen ties on third-party insurance enforcement

• Published On: 08 February 2025 at 10:25

The National Insurance Commission and the Federal Road Safety Corps have increased their cooperation in enforcing compulsory third-party motor insurance in Nigeria.

This was disclosed in a statement issued by NAICOM on Friday.

It stated that the initiative aims to improve road safety and provide greater security to all road users.

During a visit to the FRSC headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, praised Corps Marshal Shehu Muhammed's dedication to road safety in Nigeria.

Omosehin emphasized the importance of third-party motor insurance, categorizing its benefits into financial and non-financial ones.

Omosehin explained that under the financial benefits of third-party motor insurance, victims of damage caused by insured vehicles are entitled to N3 million, while compensation for death is unlimited, based on the deceased's worth. Non-financial benefits include financial security, peace of mind, and assurance of government compliance.

"The CFI called for improved collaboration between NAICOM and FRSC to ensure road safety, emphasising that while it is the primary duty of FRSC, it is also an auxiliary duty of NAICOM to provide risk-mitigating measures through policy regulations," said a component of the statement.

Responding, the Corps Marshal reaffirmed his commitment to the partnership, stating that enforcing third-party insurance is an important responsibility of the FRSC.

He emphasized that all vehicle owners must comply with the National Road Traffic Regulations.