NIA to sanction insurers for undercutting premium rate

NIA TO SANCTIOPN INSURERS UNDERCUTTING PREMIUM Logo of the Nigerian Insurers Association

The Nigerian Insurers Association (NIA) will deal with firms that engage in undercutting of premium rate, according to the outgoing Chairman of the Association, Ganiyu Musa.

At a press conference in Lagos, Musa said the National Insurance Commission (NAICOM) had barred firms from engaging in such nefarious act at vehicle licensing offices and that the NIA council had followed up the decision by adopting the measure of naming and shaming any insurance firm going contrary to the agreed premium rate.

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He noted that the NIA is engaging with Road Traffic Officers of the Federation to drive integration of the third-party motor Insurance across the states, following their request for the implementation of the system in the 36 states, including the Federal Capital Territory (FCT).

He said the association will continue to partner government agencies on the adoption of the Nigerian Insurance Industry Database (NIID) and Nigerian Insurance Industry Portal (NIIP), stressing that the association is also working with Lagos State Building Control Agency as part of engagements on the implementation of Lagos State Building Law – Occupiers Liability and Builders Liability insurance.

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