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Chuks Udo Okonta
The National Insurance Commission (NAICOM) has asked insurance companies to share information on issues they are facing while underwriting annuity so as to deepen the annuity market space in the county and bring more clients to the industry.
The Chairperson, Sub – Committee, Publicity and Communication of the Insurers’ Committee and Managing Director/CEO, NSIA Insurance Limited, Ebelechukwu Nwachukwu, said this while addressing Journalists after the committee meeting last week in Lagos.
She also noted that January 2022 has been agreed as the take off date for Third Party Motor Insurance Policy new rate.
According to her, the National Insurance Commission and operators had during the meeting agreed on the need to fix a new rate for 3rd Party Motor policy.
Mrs. Nwachukwu said the committee is working on the price under the platform of Nigerian insurers association (NIA) and would hopefully submit its report on or before November and hopefully by January 2022 the new price will become effective.
“She said “By January 2022 , the regulator should be able to announce a scientific new price for the third party insurance policy that will also include the ECOWAS Brown Card,” she posited.
On IFRS 17 she said following report submitted, the commission has been having a lot of interactions with various operators on implemention of IFRS 17, adding that it has created a working group of policies and methodology to be able to come up with process for the implementation of the IFRS 17.
The Motor Third Party Insurance is one of the compulsory classes of insurance in Nigeria and possibly the most popular among the existing six compulsory insurance policies stipulated by the insurance Act 2003, which is still the template guiding insurance operation in Nigeria.
Insurance experts and law enforcement agents have described the Motor Third Party Insurance as the minimum level of motor insurance cover you can take before putting your vehicle on the road. As it stands today third party motor Insurance cost as low as N5,000.
