Gabriel Kuma
L-R Corps Marshall Shehu Mohammed, Federal Road Safety Corps (FRSC) and Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, National Insurance Commission (NAICOM)
The National Insurance Commission (NAICOM) and the Federal Road Safety Corps (FRSC) have joined forces to strengthen enforcement of motor third-party compulsory insurance in Nigeria, with the aim to promote a safer and more secure environment for all road users.
During a working visit to the FRSC headquarters in Abuja,
The Commissioner for Insurance Mr. Olusegun Ayo Omosehin who led his team to a courtesy visit to the Corps Marshall of FRSC, Shehu Muhammed, at the headquarters in Abuja also commended the Corps Marshal, for his efforts in ensuring road safety in Nigeria.
The Commissioner For Insurance emphasized the importance of third-party motor insurance, outlining its benefits in two parts:
Financial Benefits where victims are compensated of damage caused by insured vehicles to the tune of ₦3 million, while in the event of death, the compensation is unlimited, depending on the value of the deceased individual. Under the Non-Financial Benefits. It includes financial safety, peace of mind, and confidence in compliance with government regulations.
The CFI called for improved collaboration between NAICOM and FRSC to ensure road safety, emphasizing that while it is the primary duty of FRSC, it is also an auxiliary duty of NAICOM to provide risk-mitigating measures through policy regulations.
In his response, Corps Marshal Shehu Muhammed assured Omosehin of his partnership, stating that third-party insurance policy is the primary responsibility of the Road Safety Corps and part of the National Road Traffic Regulation, which makes it compulsory for every vehicle owner to have.
NAICOM has since the assumption of CFI Mr. Olusegun Ayo Omosehin, has embarked on the implementation of compulsory insurance, with Motor Vehicle Third Party Insurance being the first, through the mobilisation of all relevant stakeholders, with the broader aim of expanding Insurance cover, ensuring safety and contributing to the realization of the current administration’s $1 trillion economy.
