•As FG jacks up tariff for all courses
THE Federal Authorities, by way of the Nationwide In- surance Fee (NAI- COM), has accepted new premium charges for personal and industrial motor in- surance with impact from January 1, 2023.
A round by the Director, (Coverage and Regulation), Leo Akah, outlined the brand new pre- mium charges because it applies to class, sorts, new Third Occasion Property Injury (TPPD) restrict and new premium.
Third Occasion Property Dam- age (TPPD) is the restrict of claims an insured can get pleasure from on the coverage.
The round, with the ref- erence quantity NAICOM/ DPR/CIR/46/2022, dated December 22, 2022 and ad- dressed to all insurance coverage in- stitutions with the topic, “New Premium Charges for Motor Insurance coverage,” the com- mission stated, “Pursuant to the train of its perform of approving charges of insur- ance premium beneath Sec- tion 7 of NAICOM Act 1997 and different extant legal guidelines, the fee hereby points this round on the brand new mo- tor insurance coverage premium charges efficient from January 1, 2023”.
It spelt out the charges for Third Occasion insurance coverage poli- cies inclusive of Ecowas Brown Card (EBC).
Beneath the brand new tariff re- gime, from subsequent yr, pri- vate motor, personal items and workers bus have a respective TPPD of N3 million, N5 mil- lion and N3 million whereas the assigned new premium are, N15,000 and N20,000 for each personal items and workers bus.
NAICOM additionally said the industrial class new pre- mium charges for vans/gener- al cartage and particular sorts as N5 million and N3 million TPPD respectively, whereas the brand new premium charges are N100, 000 and N20, 000.
