Compulsory insurance policies enforcement to start soon
The National Insurance Commission (NAICOM) is to commence verification and enforcement of the six compulsory insurance policies starting from Lagos state to other states of the federation.
The six products are: Third Party Motor Insurance (section 68 of Insurance Act 2003); Builder’s Liability (section 64 of Insurance act 2003), the Occupier’s Liability section 65 of the 2003 act. Others are the Workman’s Compensation of section 40 of the Workman’s compensation act 1987; Health Care Professional Indemnity of section
45 of the Nigerian Health Insurance scheme, 1995 and the statutory group life of section 3(2) and section 9(3) of the Pension Reform Act, 2004.
The Commission is now more than ever before equipped being the regulatory body with all the relevant stakeholders including the Council of Registered Builders of Nigeria (CORBON), Federal and state Town Planning Authorities; state Traffic Management Agencies, insurance practitioners and Insurance Consumers Association of Nigeria (INsCAN) and other relative authorities, is leaving no stone unturned to make insurance a household name in the country.