NAICOM, FRSC Deepen Collaboration on Enforcement of Third Party Motor Insurance

By Angel Ike

The Corps Marshal, Federal Road Safety Corps (FRSC), Shehu Muhammed has assured the Corps’ readiness to collaborate with the National Insurance Commission (NAICOM) in strengthening enforcement of motor third-party compulsory insurance across the country.

Mohammed gave the assurance when the Commissioner for Insurance, Olusegun Ayo Omosehin paid a visit to the FRSC headquarters, in Abuja,

He said third-party insurance policy is the primary responsibility of the Road Safety Corps and part of the National Road Traffic Regulation, adding that this makes it compulsory for every vehicle owner to have the third party Insurance.

The Commission for Insurance, Omosehin, had earlier highlighted NAICOM’s role in regulating the insurance industry and driving growth and development in Nigeria.

He emphasized the importance of third-party motor insurance, outlining its benefits ito.include, Financial Benefits and Non-Financial Benefits.

He explained, “Under financial benefits, victims of damage caused by insured vehicles are entitled to ₦3 million, while in the event of death, the compensation is unlimited, depending on the value of the deceased individual.

“Non-financial benefits include financial safety, peace of mind, and confidence in compliance with government regulations.”

Omosehin 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.

The collaborative effort between the two parties aims to promote a safer and more secure environment for all road users.