The players in the insurance sector, alongside the National Insurance Commission (NAICOM), plan to review the motor vehicle liability insurance policy to make it more effective.
Nigerian Insurers Association (NIA) vice president Ebelechukwu Nwachukwu said that with all stakeholders standing on a common platform, this paved the way for an immediate discussion between the technical committee of the NIA and the NAICOM to determine if there would be a change in the N5000 premium automobile liability insurance policy.
The head of the six-person publicity and communications committee, while commenting on the next line of action on the issue, said: â€œWhen you have a third party as a policy, it is necessary that you review them from time to time. “
She said the committee of insurers now consists of six subcommittees instead of the previous eight. She listed them as corporate governance and ethics, market development and customer service, technology as well as advertising and communication.
On the rebranding project, she said: “Despite the suspension of the project, the committee will resurrect it at the right time and the structure will be different from what it was.”
She said the march towards implementing IFRS 17 requires operators to comply with data analysis.