How NAICOM Plans To Introduce ECOWAS Brown Card in Third Party Motor Policy

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The National Insurance Commission and operators from different sectors of the industry had during its meeting held yesterday has agreed January1, 2022 as the new take off of the Third-Party Motor Insurance Policy.

 

The Insurers Committee agreed on the need to fix a new rate for 3rd Party Motor policy which will announce a scientific new price for the third-party insurance policy that will also include the ECOWAS Brown Card.

According to the Managing Director/CEO, NSIA Insurance Limited, Ebele Nwachukwu and Chairman, Sub – Committee , Publicity and Communication of the Committee, said the committee working on the price under the platform of Nigerian insurers association (NIA) should submitted their report on or before November and hopefully by January 2022 the new price will become effective.

“She disclosed this while addressing journalists shortly after the meeting saying “by January 2022, insurance operators were agreed on the need to fix a new rate for 3rd Party Motor policy.”

On annuity, Mrs Nwachukwu said the commission has asked insurance companies to share information around issues they are having, so it will know how to help and thereby deepen the annuity market space in the county and bring more clients to the industry.

She also disclosed that following IFRS 17 report submitted, the Commission has been having a lot of interactions with various operators on implementation of IFRS 17, adding that it has created a working group of policies and methodology to be able to come up with process for the implementation of the IFRS 17.

 

The Motor Third Party Insurance is one of the compulsory classes of insurance in Nigeria and possibly the most popular among the existing six compulsory insurance policies stipulated by the insurance Act 2003, which is still the template guiding insurance operation in Nigeria.

 

Insurance experts and law enforcement agents have described the Motor Third Party Insurance cost as low as N5,000 as the minimum level of motor insurance cover you can take before putting your vehicle on the road.

 


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