NIA, motorists groans over policy monopolisation

We assist companies to comply with insurance laws – NAICOM
Access Bank Plc

The Ogun State branch of Nigerian Insurers Association (NIA) and Motorists have groaned and lamented over the monopolisation of the third party insurance issuing to the motorists in the State by the state government, which contravene the National Insurance Commission (NAICOM) policy.

The umbrella body of the companies alleged that the state government were given much priority to the Great Nigeria Insurance (GNI) Plc and LASACO Insurance Company in the issuance of the third party insurance paper to the motorists before it could be given Vehicle License.

The South-West Regional Manager of Anchor Insurance Company, Mr. Philips Olowoporoku made this known at the protest made by their members and motorists at the Ogun State Internal Revenue Service (OGIRS) office in Abeokuta.

Olowoporoku stated that Ogun state Internal Revenue Service had barred other insurance companies in the State from their fundamental right by issuing third party insurance to the motorists, adding that they refused to accept like of Anchor, Mutual Benefit, Standard, Equity, Niger and other insurance company’s papers except of Great Nigeria Insurance (GNI) and LASACO Insurance papers.

He added that it is now difficult for the holders of their insurance papers to acquire Vehicle License from Ogun state Internal Revenue Service, noting that they now move to neighbouring State to collect vehicle license for their clients/customers.

Olowoporoku said that the National Insurance Commission had been drawn the attention of some insurance institutions who form consortium to collaborate with Ministries, Departments and Agencies of Federal, State, and Local government to the public but warned them to desist from the act or else would be sanctioned.

He said that it is illegal, criminal and punishable offence under the NAICOM Act 2003 and other extant laws of the Federal Republic of Nigeria for any Brokers, Agents to form consortium in order to monopolise the insurance brokers for their selfish interest.

“Here, we do pay our taxes which includes individual, tenement, signage and other taxes. I don’t see any reason why the state government will now deprive us from performing our constitutional and official duties through the issuance of our insurance policy to the expectant clients”, Olowoporoku stated.

He urged the state governor, Senator Ibikunle Amosun to quickly come to their rescue and intervene in the matter, saying that this deprivation had been affecting their companies and the state as well.

Olowoporoku said that they now patronising neighbouring States, like Oyo, Lagos, Osun and others for vehicle license for their clients/customers which negatively affecting the Internally Generated Revenue (IGR) of state.

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