The apex regulator of Insurance Industry in Nigeria, National Insurance Commission (NAICOM) as part of efforts to control the increasing challenge of rate cutting in the industry on Monday came up with new approved rates for compulsory classes of insurance to the operators.
Going forward, the approved rates for compulsory classes of insurance which contains in a statement released by the Commission’s Head of Corporate Affairs, Rasaaq Salam, signed by the Acting Director, Authorisation and Policies, Leonard Akah.
The statement said every operator should be guided by these rates in their various transactions.
“Every operator should guided by the rates in their various transactions.
“Going forward, the NAICOM will strictly monitor and enforce compliance,’’ it said.
The statement said the discount rates cover compulsory classes of insurance like Statutory Life Insurance, Builders’ Liability Insurance, and Occupiers (Public Buildings) Liability Insurance.
“Others are: Healthcare Professional Indemnity and Motor Third Party Insurance,’’ the statement said.
It quoted the approved rates on Occupiers (Public Buildings) Liability Insurance from N1,500 to N15,000.00, depending on the space the insurance policy covers.
“For example, the approved rate per room in a hotel is N1,500.
“The approved rates per floor in recreation centers or cinemas is N15, 000.”