90% of Third Party Insurance Certificates in Nigeria are Fake – Naicom
- By Abimbola Tooki
- Published April 4th, 2011
- News
- Unrated
90% of Third Party Insurance Certificates in Nigeria are Fake – Naicom
Mr. Fola Daniel, commissioner for insurance and chief executive of the National Insurance Commission (Naicom) has said that 90 per cent of Third Party Insurance Certificates in the country are fake.
Daniel, who made the disclosure in Lagos at the weekend during an interactive session with media executives, said most of these fake Third Party Insurance covers are procured at the various licensing offices in the country. According to him, genuine Third Party Insurance and other insurance policies can only be bought at the offices of insurance companies.
He warned that any person that buys any insurance policies from the licensing offices can be sure that he is buying a fake insurance policy. He said licensing offices are not authorized to sell insurance policies and, therefore, cannot sell insurance policies to anybody.
Daniel advised that anybody that wants to buy an insurance policy should go to the offices of any registered insurance company, accredited agents of any insurance company or an insurance broker.
He said that the prevalence of fake Third Party Insurance certificates has made it impossible for third parties in an unfortunate incident like auto accident to be paid any claim by insurance companies.
Daniel explained that Third Party cover is usually not for the benefit of the individual that procured the cover but for any third party like a person who is knocked down by a vehicle. While the owner of the vehicle gets nothing, the person that was knocked down can make a claim from the insurance company from which the policy was bought.
He said that insurance is still a hard-sale in the country but welcomed the scrapping of the universal banking model by the Central Bank of Nigeria which had enabled banks to delve into insurance with all its implications for professionalism and ethical practice.
Daniel is also excited about the divestment of some banks from insurance firms. This, according to him, is a healthy development. However, he said that Naicom is monitoring the divestments and would ensure that rascals do not take over the insurance industry through this process.
Mr. Fola Daniel, commissioner for insurance and chief executive of the National Insurance Commission (Naicom) has said that 90 per cent of Third Party Insurance Certificates in the country are fake.
Daniel, who made the disclosure in Lagos at the weekend during an interactive session with media executives, said most of these fake Third Party Insurance covers are procured at the various licensing offices in the country. According to him, genuine Third Party Insurance and other insurance policies can only be bought at the offices of insurance companies.
He warned that any person that buys any insurance policies from the licensing offices can be sure that he is buying a fake insurance policy. He said licensing offices are not authorized to sell insurance policies and, therefore, cannot sell insurance policies to anybody.
Daniel advised that anybody that wants to buy an insurance policy should go to the offices of any registered insurance company, accredited agents of any insurance company or an insurance broker.
He said that the prevalence of fake Third Party Insurance certificates has made it impossible for third parties in an unfortunate incident like auto accident to be paid any claim by insurance companies.
Daniel explained that Third Party cover is usually not for the benefit of the individual that procured the cover but for any third party like a person who is knocked down by a vehicle. While the owner of the vehicle gets nothing, the person that was knocked down can make a claim from the insurance company from which the policy was bought.
He said that insurance is still a hard-sale in the country but welcomed the scrapping of the universal banking model by the Central Bank of Nigeria which had enabled banks to delve into insurance with all its implications for professionalism and ethical practice.
Daniel is also excited about the divestment of some banks from insurance firms. This, according to him, is a healthy development. However, he said that Naicom is monitoring the divestments and would ensure that rascals do not take over the insurance industry through this process.
