The National Insurance Commission (NAICOM) has intensified efforts to eradicate fake insurance policies, launching an enforcement raid in the Mabuchi area of Abuja.
In a statement on Wednesday, the regulator disclosed that its Third-Party Motor Insurance Enforcement Committee carried out the operation, targeting individuals issuing counterfeit policies to unsuspecting motorists.
The exercise follows a directive by the Inspector-General of Police mandating strict compliance with third-party motor vehicle insurance across Nigeria.
During the raid, the Head of Market Development at NAICOM, Adeyemi Abubakar, said the crackdown was designed to protect citizens from fraudulent insurance practices.
He explained that genuine third-party motor insurance provides essential compensation to accident victims, while fake policies deny policyholders this critical benefit.
Abubakar stressed the importance of authentic coverage, saying it guarantees financial protection and support in the event of accidents. He further warned that selling insurance without a licence is illegal, urging motorists to purchase policies only from licensed insurance companies to avoid financial losses and disappointment during claims settlement.
