The Nigerian Insurers Association (NIA) has threatened to institute disciplinary action against any insurer who rate-cut the Third party motor insurance rate
It disclosed that it has received reports that some insurance companies are selling motor insurance policy below approved rates, promising to report such defaulters to the National Insurance Commission .
In a circular, signed by the director general of NIA, Mrs. Yetunde Ilori, titled, NIA.
She stated that secretariat has received reports that some companies are selling below the approved rates, stressing that, this does not augur well for growth of the market even as it brings serious reputation issues to the industry. Disclosing that the governing council of the body is displeased with the activities of agents within licensing offices engaged by member companies to sell third party motor insurance at reduced rates and other such arrangements, Ilori, in the circular, stressed that NIA would not hesitate to report defaulting companies to NAICOM.
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