Committee to submit report on new third party rate by November

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Committee to submit report on new third party rate by November

By Favour Nnabugwu

The Nigeria Insurers Association, NIA, Committee on Publicuty has announced that it will submit report on the rice before the end of November 2021 for the take off of the new Third Party Motor Insurance Policy come January 2022.

The Managing Director of NSIA Insurance Limited, Ebele Nwachukwu who doubles as the chairman of the committee stated that the committee is working on the price under the platform of Nigerian insurers association (NIA) should submitted their report on or before November and hopefully by January 2022 the new price will become effective.

By Jan. 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

She said the Insurers Committee was working on the review of the motor policy. The report will be submitted to NAICOM in November.

On annuity she said the Commission has asked insuranc. companies to share information around issues they are having so it will know how to help and thereby deepen penetration annuity market space in the county and bring more clients to the industry.

On IFRS 17 she said following report submitted, the commission has been having a lot of interactions with various operators on implemention of IFRS 17, adding that it has created a working group of policies and methodology to be able to come up with process to the implementation of the IFRS 17.

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