The National Insurance Commission, NAICOM, says owners and operators of motorcycles nationwide without third party insurance will henceforth face the full wrath of the law.
Under the Insurance Act a motorcycle operator is mandated to pay N1,000 as an annual premium to secure the compulsory insurance cover.
In a circular sighted by our correspondent, NAICOM announced its readiness to monitor the compliance of the Insurant Act and restated the premiums for each class.
It said the premiums to be paid on a private vehicle remained N5,000; while a commercial vehicle (for goods) and commercial vehicle (a staff bus) would pay N7,500 each.
It gave that charges on commercial vehicles (trucks) as N25,000; motorcycle (power bike and official ride), N1,000; while commercial vehicles (road/premises risks) and special type (ambulance/ hearses) would attract N5,000 each.
The circular reads in part: “All insurance operators are directed to henceforth comply with the existing approved premium rates for all compulsory classes of insurance.
“The commission will strictly monitor compliance.”