NAICOM partners FRSC on third party motor insurance policy

The National Insurance Commission (NAICOM) has partnered with the Federal Road Safety Corps (FRSC) to implement third party motor insurance policy across the country.

The agreement between the commission and FRSC was made during a recent visit by Boboye Oyeyemi, corp marshall, and his team to NAICOM headquarters.

Third party motor insurance is a form of insurance under which the insurance company agrees to indemnify the insured person, if he is sued or held legally liable for injuries or damage done to a third party.

It covers accidental damage caused by someone’s vehicle to another person’s vehicle or property.

“Both parties have agreed to work out an effective plan for the enforcement of third party motor insurance,” the commission said.

Last week, NAICOM also hosted Nasir Sambo, executive secretary of the National Health Insurance Scheme (NHIS), and his team.

The commission said both parties agreed to closely work together on the implementation of professional indemnity insurance for health workers.

Recently, NAICOM announced its collaboration with the federal ministry of transportation to ensure provision of adequate insurance for road transport owners and users within Nigeria and ECOWAS member countries.

According to the commission, the ministry and NAICOM agreed to immediately establish a joint committee to look into different areas of interest to ensure a mutually beneficial relationship.