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Chuks Udo Okonta
Insurance companies are paying heavily for negligence on upload and wrong capture of motor policy documents on Nigerian Insurance Industry Database (NIID).
Findings by Inspenonline revealed that motorists whose vehicles, were captured by the Lagos State installed cameras, for not having valid insurance policies and fined the sum of N20,000, have been dragging their insurers to bear the fine for failure to upload or wrong capture of vehicle’s registration numbers.
This medium gathered that in most cases, the insurance firms, do transfer the fines to employees that were saddled with the upload on the NIID.
It was also learnt from the Nigerian Insurers Association (NIA) that following several complaints by member companies on the arrest and imposition of fines on clients, a meeting was held with the Lagos State Vehicle Inspection Service (VIS) with the association.
Director-General of the association, Mrs. Yetunde Ilori, said out of the estimated 12 million vehicles in Nigeria, only about 3,013,205 third party motor policies are captured on the platform.
NIA stated that a surplus of N125.24 million was realised from upload of motor policies by insurance companies as at December 31, 2022.
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