The National Insurance Commission (NAICOM) says it is collaborating with the Federal Road Safety Corps (FRSC) to develop a robust system for quick response to road accidents and compensation payment.

The Commissioner for Insurance, Olusegun Omosehin, said this during the FRSC Corps Marshal, Shehu Muhammed’s, visit to him in Abuja.

Mr Omosehin said the collaboration also involved the National Health Insurance Authority (NHIA).

He said the collaboration was to strengthen their efforts to improve road safety and emergency response through the motor third-party insurance scheme.

The commissioner said the Nigerian Insurance Industry Reform Act (NIIRA 2025) had strengthened the compulsory third-party motor insurance policy and established a fund for compensating road accident victims.

Mr Omosehin said the compensation to accident victims would be administered by a committee that included FRSC representation.

In his remarks, Mr Muhammed congratulated NAICOM on the signing of the NIIRA, 2025.

He said there was a need for an enhanced data exchange between NAICOM and FRSC.

The corps marshal also stressed the importance of digitising the process to enable prompt emergency response and eliminate fake motor insurance policies. 

(NAN)