Insurance Commission mulls special scheme for transport sector

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(L-R) Deputy Commissioner (Technical) NAICOM Sabiu Bello Abubakar, Minister of State, Transportation Sen. Gbemisola Ruqayyah Saraki and Commissioner for Insurance, Olorundare Sunday Thomas.

The National Insurance Commission (NAICOM) said that it has concluded arrangements to collaborate with the Federal Ministry of Transportation as to ensure provision of adequate insurance scheme for road transport owners and users in Nigeria. The scheme when implemented will be extended beyond Nigeria as to extend to ECOWAS member countries.

To this end, the Ministry and NAICOM have agreed to immediately establish a joint committee to look into different areas of interest to ensure a mutually beneficial relationship.

This is the high point of the meeting between both parties at the NAICOM headquarters in Abuja on Thursday.

  Minister of State, Transportation Sen. Gbemisola Ruqayyah Saraki led the delegation from the Ministry to NAICOM and was received by the Commissionr for Insurance (CFI) and members of his management.

While speaking, the Minister informed the meeting that the Federal Ministry of Transportation has embarked upon a transformation programme of the road transportation sector that will have tremendous impact on the lives and wellbeing of the Nigerian people. She noted that insurance is a critical aspect of Transportation hence the need to collaborate with NAICOM to ensure a success of the programme.

The CFI, Mr. Olorundare Sunday Thomas assured the Minister of the readiness of the Commission to collaborate with the Ministry to ensure adequate insurance coverage in the sector. He informed the Minister that the Commission is ensuring order in the insurance sector particularly, in the vexed issue of fake insurances in the road transportation sector saying the Commission has now developed technology for verification of insurance policies.

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