The Insurance Consumers Association of Nigeria has called on the National Insurance Commission 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 on Sunday in Ibadan. The News…
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. It said the almost 20 million Motor Insurance Consumers in Nigeria deserved more than a week notice for compliance, describing the duration as a great insult to the collective intelligence of Nigerians.
“Where is the report of an ad hoc committee required to be set up under Sec. 52 of the Insurance Act 2003, stating the imperative of increasing Insurance Premium by a whooping 200 per cent? “And this is not because these Nigerians cannot afford the N5,000 but because they don’t see any benefit be it under your genuine or the fake cover,” the association said
“But still, you are quick to increase the Premium burden on the largely dissatisfied Insurance Customers in Nigeria,” it said.