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By Ngozi Onyeakusi—The National Insurance Commission (NAICOM) and insurance operators have aggreed to review upward the current N5,000 premium paid by third party motor insurance.
This decision was taken by the stakeholders at a recent meeting in Lagos. Briefing the journalists on the outcome of the meetings
, the Chairperson, Publicity Committee of the Insurers’ Committee, Mrs. Ebelechukwu Nwachukwu, said the committee has set up a body to discuss with operators and come up with a new rate to be paid by motorists on the policy. Nwachukwu, who is also the Managing Director, NSIA Insurance Company, said the Commissioner for Insurance, Mr. Sunday Thomas, following a reactivation of the Insurers Committee, had directed the insurers to determine the adequacy of the current premium for the Motor Third Party insurance policy. “The committee has received the permission of NAICOM to review and determine the adequacy of the current premium for the policy. “When you have a third-party policy, it is necessary that you revisit it from time to time, so the technical and actuarial professionals will start working on that,” she said.