NAICOM, FRSC Bolster Ties to Enforce Mandatory Third-Party Motor Insurance Compliance

In a strategic move to enhance road safety and insurance compliance, the National Insurance Commission (NAICOM) and the Federal Road Safety Corps (FRSC) have deepened their collaboration to enforce mandatory third-party motor insurance in Nigeria. This renewed alliance underscores the growing need to ensure that all vehicle owners adhere to insurance regulations, ultimately providing financial security for road users.

Reflecting on this development, Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, during a courtesy visit to the FRSC headquarters in Abuja, commended the Corps Marshal, Shehu Muhammed, for his unwavering dedication to road safety. He highlighted NAICOM’s critical role in regulating the insurance industry and fostering national economic growth.

Omosehin reiterated the significance of third-party motor insurance, stressing its dual benefits—financial and non-financial. He noted that policyholders are entitled to ₦3 million compensation in the event of property damage, while compensation for death is unlimited, depending on the deceased’s value assessment. Beyond monetary advantages, the policy also guarantees legal compliance, financial protection, and peace of mind for vehicle owners.

L-R Corps Marshall Shehu Mohammed, Federal Road Safety Corps (FRSC) and Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, National Insurance Commission (NAICOM)

However, despite existing regulations, compliance has remained a major challenge. Many motorists either lack proper insurance coverage or rely on fake certificates, leaving victims of road accidents without adequate compensation. This has prompted NAICOM and FRSC to reinforce monitoring mechanisms and ensure strict enforcement.

Corps Marshal Shehu Muhammed reaffirmed FRSC’s commitment to this mandate, emphasizing that third-party motor insurance is a core requirement under the National Road Traffic Regulations. He assured that the FRSC would work closely with NAICOM to curb violations and enhance public awareness.

This renewed synergy between NAICOM and FRSC marks a significant milestone in road safety and consumer protection. By ensuring that vehicle owners fulfill their legal obligations, the initiative aims to foster a more responsible driving culture and mitigate the financial burdens associated with road accidents. As the partnership unfolds, stakeholders hope that increased enforcement will translate into tangible benefits for motorists and accident victims alike.