The new motor insurance premium rates announced late 2022 by National Insurance Commission (NAICOM) which ought to fully commenced yesterday January 1, 2023, may be considered for an extension by the insurance regulator.
It was discovered that some Insurers, brokers, motorists and activists, have stampeded NAICOM with request for extension on the date to enable them prepared for the new regime.
Most of the stakeholders are not opposed to the premium and claims, but they are against the short time given to motorists to comply.
Another concerned expressed by the aggrieved stakeholders is the intensed political situation of the country. They are worried that plights of motorists should not be compounded as they are struggling to buy fuel due to soar pump price brought about by scarcity of the product.
A broker who expressed misgivings on the short time given for implementation of the policy, stated that most brokers have sent out quotations to their clients and it wouldn’t be proper to proceed to withdraw the quotations now, as that would show that they are not on the same page with their regulator.
NAICOM may announce new extension date immediately after the new year holiday.
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