By Ginika Okoye
The Nationwide Insurance coverage Fee (NAICOM) says it’s decided to flush out unlawful and pretend insurance coverage operators defrauding, deceiving and deceptive the general public for his or her egocentric pursuits.
NAICOM mentioned this in a discover on Tuesday in Abuja whereas reacting to an announcement by the Nationwide Cooperative Insurance coverage Society of Nigeria (NCIS).
The fee mentioned that NCIS had introduced that the validity of motorcar insurance coverage transactions (offered by NCIS) was derived from the related authorized framework and never topic to authorities intervention.
NAICOM within the discover described the assertion as unlawful and deceptive which needs to be disregarded.
”NCIS just isn’t an insurance coverage firm licenced by NAICOM and subsequently has no authorized authority to promote to the general public or underwrite the obligatory third celebration motor insurance coverage.
”Consequently, it has turn out to be crucial for NAICOM to alert Nigerians on the above unlawful actions and make clear the place of the regulation guiding the obligatory third celebration motor insurance coverage for all autos.
”By the provisions of the NAICOM Act 1997 and the insurance coverage Act 2003, solely NAICOM is empowered by regulation to licence insurance coverage firms to transact completely different lessons of insurance coverage supplied to members of the general public together with third celebration motor insurance coverage.
”The NCIS shall be prosecuted
if it doesn’t desist from this unlawful motion, which is towards public coverage and curiosity of most people,” the fee mentioned.
NAICOM assured the general public that it remained dedicated to making sure that policyholders and
professional beneficiaries of insurance coverage insurance policies purchased from licenced insurance coverage firms loved the advantages.
The fee mentioned the Third Get together Motor Insurance coverage subscribers would entry three million naira third celebration property injury
restrict, medical therapy for bodily accidents and compensation for deaths, which may solely be offered by licenced insurance coverage firms.
”NAICOM has beforehand circulated
the record of insurance coverage firms licenced and authorised by the Fee to promote or underwrite the obligatory third celebration
motor insurance coverage in Nigeria.
”The record may also be discovered on the
Fee’s web site, www.naicom.gov.ng.”
The fee mentioned that any third celebration motor insurance coverage coverage issued by NCIS or its affiliate was unlawful. (NAN)
