The National Insurance Commission (NAICOM) has raised Third Party insurance cover for motorists from N5,000 to N15,000 yearly with effect from January 2023.
The approval is contained in a circular: NAICOM/DPR/CIR/46/2022 addressed to insurance companies and dated Dec. 22, 2022.
It was titled: New Premium Rate for Motor Insurance and signed by the Director, Policy and Regulation, NAICOM, Leo Akah, for the Commissioner for Insurance.
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