NAICOM to enforce adoption of insurances scheme in South-East
May 10, 2023113 views0 comments
By Cynthia Ezekwe
The National Insurance Commission (NAICOM) has disclosed plans to commence the enforcement of compulsory insurance cover for people in the South-Eastern part of the country.
Cliff Chukwuani, head, South-East zonal Office, NAICOM, who made this known to the media recently, said it was a way of making the people in the region register for insurance cover.
According to Chukwuani, the enforcement was part of its core mandate to ensure that Nigerians abide by its compulsory insurance scheme as stipulated under Insurance Act 2003.
He explained that the compulsory insurances were those made mandatory by the Nigeria law, and urged the people of the zone to obtain the insurance cover, as enforcement would commence after May.
Chukwuani noted that the five core insurance products which are compulsory includes motor third party insurance meant to ensure the safety of third party road users, because the government made it compulsory for citizens and residents to have motor insurance before plying on public roads; employer’s liability/workman’s compensation insurance, group life assurance, health care professional indemnity insurance, occupiers liability insurance or insurance of public buildings.
“They are compulsory insurances and very soon, we are going to embark on massive strict enforcement under the law, because ignorance to the law will not be an excuse,” he said.
However, the zonal head noted that the perception and participation of people in the region to insurance business was very low in spite of its enormous benefits, adding that NAICOM Enugu office was the only one in the South East, but added that plans were underway to open offices in other states within the region.
Chukwuani, further emphasised the need to create massive awareness about the insurance business in the region, noting that the beauty of insurance cover is the ability of a person to bounce back to his/her former position prior to the loss through indemnity.