<div class="narrow" style="padding: 0px; margin: 0px auto 0px 0px; font-family: "Open Sans", system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", sans-serif; font-size: 14.6667px; max-width: 328px;"><blockquote style="margin: 1px; background-color: rgb(215, 224, 201); border: 1px solid rgb(198, 204, 190); padding: 4px 6px; border-radius: 10px;">The National Insurance Commission (NAICOM) will soon announce a new price for Third Party Motor Insurance.<br><br>The Chairman, Nigeria Insurers Association (NIA) Committee on Publicity, Ebelechukwu Nwachukwu told the media that the take-off would be in January 2022.<br><br>Nwachukwu, Managing Director, NSIA Insurance Ltd., said the Insurers Committee was working on the review of the motor policy.
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The report will be submitted to NAICOM in November.<br><br>“By Jan.
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1, 2022, the regulator should be able to announce a scientific new price for the third party insurance policy that will also include the ECOWAS Brown Card”, she noted.<br><br>Nwachukwu disclosed that insurers met with ECOWAS representatives on how to process, issue the brown card with motor insurance and how it will work in Nigerian.<br><br>At the meeting, NAICOM highlighted risks it would use to measure insurance firms when it visits for the Risk-Based Supervision (RBS).<br><br>NAICOM Set To Announce New Price For 3rd Party Motor Insurance<br>They are Credit risk, Liquidity risk, Market risk, Insurance risk, Operational risk, Legal regulatory risk, Compliance risk and Strategic risk.<br><br>Nwachukwu further confirmed that NAICOM did a test run of the RBS in five insurance companies.<br><br>“Highlighting the risk is good for the underwriters so that we can go back in-house to ensure that our reports are standard regarding reporting RBS to the regulator”, the official said.<br><br>The Insurers Committee comprises NAICOM and Chief Executive Officers (CEO) of Insurance companies in Nigeria.</blockquote><br>SOURCE:<a href="https://brandspurng.com/2021/10/11/naicom-set-to-announce-new-price-for-3rd-party-motor-insurance/" style="color: rgb(64, 24, 72); text-decoration-line: none;">https://brandspurng.com/2021/10/11/naicom-set-to-announce-new-price-for-3rd-party-motor-insurance/</a></div><br><p style="padding: 0px; margin: 4px 0px 0px; font-family: "Open Sans", system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Ubuntu, "Helvetica Neue", sans-serif; font-size: 14.6667px;"><img class="attachmentimage img" src="https://www.nairaland.com/attachments/14365033_naicomissuesnewcapitalrequirementsfortheinsuranceindustrybrandspuragusto_jpegf3629f29207c59a66438d0988e06060f" style="padding: 0px; margin: 0px; max-width: 328px;"></p>.
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