The Insurance Consumers Association of Nigeria (INSCAN) has called on the National Insurance Commission (NAICOM) to reverse its directive on the increase of third-Party Motor Insurance Premium in Nigeria.
This is contained in a letter signed by its National Coordinator, Chief Yemi Soladoye, and made available to newsmen in Ibadan. NAICOM had recently issued a policy directive on the increase of third-party motor insurance premium in Nigeria by 200 per cent.
The INSCAN demanded the reversal of the directive, saying it amounted to deliberate breach of the fundamental Principle of Utmost Good Faith and other decent regulatory principles guiding Insurance practice.
“We hereby write with respect to your Circular No.: NAICOM /DPR/CIR.46/2022 dated December 22, 2022, increasing the third-party motor insurance premium in Nigeria by 200-400 per cent for different categories of motor vehicles.
“And by implication, giving only one week notice to the insuring public in Nigeria to comply. “We demand the reversal of the directive as it amounts to deliberate breach of the Fundamental Principle of Utmost Good Faith and other decent regulatory principles that guide insurance practice,” it said.
