In a renewed effort to curb the number of uninsured vehicles plying Nigerian roads and to guarantee timely compensation and medical assistance for accident victims, the National Insurance Commission (NAICOM) and the Federal Road Safety Corps (FRSC) have established a Joint Committee for the enforcement of compulsory Third-Party Motor Insurance.
Speaking at the inauguration ceremony held at NAICOM’s headquarters in Abuja, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, described the initiative as a significant milestone in the implementation of the forthcoming Nigerian Insurance Industry Reform Act (NIIRA) 2025.
He emphasized that the collaboration underscores both agencies’ shared dedication to improving road safety, ensuring compliance with insurance regulations, and securing swift redress for victims of road accidents.
Omosehin commended the FRSC for its cooperation and leadership, expressing optimism that the partnership would yield tangible results for Nigerians through the effective enforcement of the Third-Party Motor Insurance policy.
While presenting the Committee’s Terms of Reference, the Deputy Commissioner for Insurance, Mr. Ekerete Ola Gam-Ikon, outlined its key mandates. These include enforcing compulsory Third-Party Motor Insurance nationwide, reducing the number of uninsured vehicles, ensuring prompt compensation and medical support for accident victims, promoting public awareness about insurance obligations and benefits, and enabling real-time verification of insurance coverage through digital integration systems.
