Selling 3rd party insurance by unaccredited persons criminal offence – NAICOM


The  chairman of the Kaduna chapter of the Nigeria Council of Registered Insurance Brokers (NCRIB) Mr Vincent Akinbami has  applauded the National Insurance Commission (NAICOM) led  by  Mohammed Kari for intervening in the illegal practises of the sale of 3rd party motor  insurance operation  in some states especially Kaduna State, describing the move as a welcome  development as the practice was capable of ridiculing the insurance industry because of the illegality.
“NAICOM under Kari has proven to be the most regulated body in the country. We appreciate their quick response to the cry of other practitioners by nipping in the bud the unholy practice by some underwriters, brokers, states and federal ministries, departments and agencies,” he said, while adding that insurance has the potentials of increasing Nigeria’s GDP.
Commenting further, he said that the compulsory 3rd party motor insurance is a public scheme to be operated by all insurance practitioners  and  not for  monopoly of few and non insurance practitioners, advising the public to desist from buying 3rd party motor insurance from licensing office as whoever does that will be doing it at his or her own peril.
The commission (NAICOM) had earlier on the 24th of June, 2016, issued a circular saying the operation of  3rd party motor insurance as it was practised  in some states is illegal, criminal and punishable under the NAICOM ACT 2013 to 2014 and urged the public to buy insurance policy from underwriters or insurance brokers.


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