The National Insurance Commission and the Federal Road Safety Corps have strengthened their collaboration to enforce compulsory third-party motor insurance in Nigeria.
This was disclosed in a statement by NAICOM on Friday.
It said the initiative aims to enhance road safety and provide greater security for all road users.
During a visit to the FRSC headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, praised Corps Marshal Shehu Muhammed for his commitment to road safety in Nigeria.
Omosehin underscored the significance of third-party motor insurance, dividing its benefits into financial and non-financial categories.
Omosehin explained that under the financial benefits of third-party motor insurance, victims of damage caused by insured vehicles are entitled to N3 million, while compensation for death is unlimited, based on the deceased’s value. Non-financial benefits include financial security, peace of mind, and assurance of compliance with government regulations.
“The CFI called for improved collaboration between NAICOM and FRSC to ensure road safety, emphasising 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,” part of the statement added.
Responding, the Corps Marshal reaffirmed his commitment to the partnership, stating that enforcing third-party insurance is a key responsibility of the FRSC.
He emphasized that it is a mandatory requirement under the National Road Traffic Regulation for all vehicle owners.
