At the end of their deliberations, the statement said, the council made a representation to the commission, to among other things, defer the implementation of the new rates till July 1, 2023, during which it would use the opportunity to hold better consultations with brokers and other stakeholders.
Stating that the NAICOM failed to understand the full implications of its directive that the real organ the regulator will punish is the Nigerian Insurance Consumers who provide the income that accrue to the entire Insurance Industry, INSCAN queried that, “how much has your Commission paid out to Victims of Hit and Run Vehicles and Customers of Proscribed Insurance Companies over the past 20 years as required under Sec.
“The Nigeria Insurance Consumers are further convinced that the motive behind your Directive is self-serving, arrogant and detrimental to their interest which you are established to protect and therefore demand that you reverse same pending proper consideration of the grey areas of the directive,” it pointed out.
The circular titled: ‘The New Premium Rate for Motor Insurance’ with reference number NAICOM/DPR/CIR/46/2022 signed by the director, Policy & Regulations, Mr Leo Akah, disclosed that, “in pursuant to its function of approving premium rate of insurance companies under Section 7 of NAICOM Act 1997, and other extant laws, the Commission hereby issue this circular on the new motor insurance premium rate effective from January 1, 2023.
They remain an on serious firm. Ask me, how many of their families can afford the proposed fee? Scammer's Dem!
Insurance on vehicles or whatever is a scam