The Commissioner for Insurance Mr. Olusegun Ayo Omosehin with the Hon. Minister of Marine & Blue Economy Mr. Adegboyega Oyetola.
The National Insurance Commission, NAICOM and the Ministry of Marine and Blue Insurance have agreed to collaborate by creating a portal for the verification of Marine Insurance policies and exploring options in the Cabotage Act to ensure compliance with insurance requirements.
The agreement was reached when
the Executive Management of the National Insurance Commission led by the Commissioner for Insurance Mr. Olusegun Ayo Omosehin paid a working visit to the Hon. Minister of Marine & Blue Economy Mr. Adegboyega Oyetola in his Office, Thursday in Abuja.
“As touching compliance, part Vii(a)-(c) of the Act 2003 specifies the offences to include;
(a) sections 3-6 where the offender is liable on conviction to a fine of not less than NlO,OOO,OOO.OO and or forfeiture of the vessel involved in the offence or such higher sum as the Court may deem fit.
(b) section 21 and is liable on conviction to a fine of not less than “15,000,000.00 and or forfeiture of the vessel or such higher sum as the Court may deem fit and,
(c) section 22 where the offender is liable on conviction to a fine of not less than “5,000,000.00“, amongst others.