By Favour Nnabugwu
THE National Insurance Commission (NAICOM) has said compliance to compulsory insurance is still at the low ebb in the country.
There are six categories of compulsory insurance in the country. They are Group Life Insurance in line with the PenCom Act 2004; Employers Liability in line with the Workmen’s Compensation Act 1987; Buildings under construction-section 64 of the Insurance Act 2003; Occupiers liability insurance under section 65 of the Insurance Act 2003; Motor Third party Insurance under section 68 of the Insurance Act 2003 and Health Care Professional Indemnity insurance under section 45 of the NHIS Act 1999.
Commissioner for Insurance, Alhaji Mohammed Kari said in Abuja last Thursday that enforcement of compulsory insurance will safeguard and protect innocent third parties.
According to him, “There is no going back on the enforcement of compulsory insurance in the country.”
“The level of compliance with compulsory insurance in the country is still very low.’’
Kari is confident that enforcement would become easier if individuals and entities meant to consume these products are made aware of the benefits inherent in the consumption of these products.
“We prepare to launch the second phase of the Market Development and Restructuring Initiative (MDRI) which has the enforcement of compulsory insurance as one of its major components”, he stated.
According to him, “Not much could have been achieved in the area of enforcement if officers and men of the various organs to drive the enforcement are not knowledgeable of the products or laws they are to enforce.”
He said that compliance and enforcement of compulsory insurance are indeed fundamental to the growth of insurance business not only in monetary terms but in helping to safeguard and protect innocent third parties.
”There is no doubt that compliance with the laws on compulsory insurance will go a long way to mitigate the adverse exposure to disaster by individuals with access to public places’’, he added.
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