In a strategic move aimed at pushing compliance to the Nigerian Insurance Industry Reform Act (NIIRA) 2025, the National Insurance Commission (NAICOM), has announced partnership with the Federal Road Safety Corps (FRSC) and National Health Insurance Authority (NHIA).
The partnership was also targeted at strengthening ties in improving safety and emergency response on Nigerian roads through the Motor Third Party Insurance Scheme.
This strategic commitment was reinforced during a courtesy visit by the FRSC Corps Marshal Shehu Muhammed to the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin at NAICOM Headquarters on Thursday, in Abuja.
NAICOM, in a statement disclosed that during the meeting, the Corps Marshal congratulated NAICOM on the signing of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and acknowledged the Commission’s efforts in driving reforms in the industry.
He emphasized the need for enhanced data exchange between NAICOM and FRSC to develop a robust system for quick response to road accidents and compensation. The Corps Marshal also stressed the importance of digitizing the process for prompt emergency response and eliminating fake motor insurance policies.
The Commissioner for Insurance, in his response, thanked the Corps Marshal for the visit and commended his efforts in upgrading the licensing system. He highlighted that NIIRA 2025 has strengthened the compulsory third-party motor insurance policy and established a fund for compensating road accident victims, which will be administered by a committee that includes FRSC representation.
According to the statement, the Representative of the National Health Insurance Authority (NHIA), Mr. Ajodi Nuhu Nasir expressed profound satisfaction at the collaborative efforts among the agencies, noting that this synergy will culminate in a robust system that not only safeguards our roads but also ensures prompt and quality medical treatment for accident victims, thereby reducing the morbidity and mortality associated with road crashes.
The parties agreed on Data Sharing Integration, Joint Awareness Campaign, Enforcement Committee, and Inclusion of Insurance Requirements.
NAICOM reiterated that the collaboration, aimed to promote road safety, ensure prompt treatment for accident victims, and protect the interests of motorists and other road users.
The Commission informed that a date would be announced for the inauguration of the joint committee.
