Finally NAICOM releases rates for all classes of compulsory insurance
As part of efforts to curb the increasing challenge of rating in the industry, the National Insurance Commission (NAICOM) has released approved rates for compulsory insurances to the operators.
The commission in a letter to all insurance institutions stated,
“Every operator is guided by these rates in their various transactions. Going forward, the Commission shall strictly monitor and enforce compliance.
The commission noted that all insurance operators are henceforth directed to adhere and comply with the exiting approved premium rates for all classes of compulsory insurance.