CFI, NAICOM, Olusegun Omosehin

The National Insurance Commission has expressed support for the decision of the Nigeria Police Force to commence enforcement of the third-party motor insurance policy from February 1. In a statement on Wednesday, the insurance industry regulator said the move would ensure compliance with Section 68 of the Insurance Act 2003. The Nigeria Police Force, in a statement last Friday signed by Force Public Relations Officer Olumuyiwa Adejobi, announced the commencement of the enforcement nationwide. NAICOM in the fresh statement said, “The National Insurance Commission welcomes the announcement by the Nigeria Police Force that with effect from 1st February 2025, there will be a nationwide enforcement of the Third Party Motor Insurance for all vehicles on Nigerian roads. This move aims to ensure compliance with Section 68 of the Insurance Act 2003.” The Third Party Motor Insurance is the minimum coverage compulsorily required by law for any vehicle on our roads, while Comprehensive Motor Insurance is optional and recommended.