WATCH THE VIDEO HERE By Ginika Okoye The National Insurance Commission (NAICOM) says it is determined to flush out illegal and fake insurance operators defrauding, deceiving and misleading the public for their selfish interests. NAICOM said this in a notice on Tuesday in Abuja while reacting to a statement by the National Cooperative Insurance Society of Nigeria (NCIS). The commission said that NCIS had announced that the validity of motor vehicle insurance transactions (provided by NCIS) was derived from the relevant legal framework and not subject to government intervention. NAICOM in the notice described the statement as illegal and misleading which should be disregarded. ”NCIS is not an insurance company licenced by NAICOM and therefore has no legal authority to sell to the public or underwrite the compulsory third party motor insurance. ”Consequently, it has become imperative for NAICOM to alert Nigerians on the above illegal activities and clarify the position of the law guiding the mandatory third party motor insurance for all vehicles. ”By the provisions of the NAICOM Act 1997 and the insurance Act 2003, only NAICOM is empowered by law to licence insurance companies to transact different classes of insurance offered to members of the public including third party motor insurance. ”The NCIS will be prosecuted NAICOM assured the public that it remained committed to ensuring that policyholders and The commission said the Third Party Motor Insurance subscribers would access three million naira third party property damage ”NAICOM has previously circulated ”The list can also be found on the The commission said that any third party motor insurance policy issued by NCIS or its affiliate was illegal. (NAN)
if it does not desist from this illegal action, which is against public policy and interest of the general public,” the commission said.
legitimate beneficiaries of insurance policies bought from licenced insurance companies enjoyed the benefits.
limit, medical treatment for bodily injuries and compensation for deaths, which could only be provided by licenced insurance companies.
the list of insurance companies licenced and authorised by the Commission to sell or underwrite the mandatory third party
motor insurance in Nigeria.
Commission’s website, www.naicom.gov.ng.”
NAICOM warns illegal, fake insurance operators
