Reps To Investigate Proliferation Of counterfeit Insurance Certificates

The House of Representatives’ Committee on Insurance and Actuarial Matters was tasked on Wednesday by President Muhammadu Buhari to investigate the occurrences of forged insurance certificates in Nigeria.

The committee must submit a report to the House of Representatives within six weeks in order to proceed with legislative action.

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The House also urged insurance companies and brokers to open offices in the country’s major cities.
Hon. Oluyemi Adewale Taiwo’s motion to investigate the incidences of fake insurance certificates in Nigeria was adopted, and these resolutions were passed as a result.

Hon. Taiwo pointed out that the Insurance Act of 2003 requires all motorists to have at least a Third-Party Motor Insurance Policy in place, and that Section 68 of the Act states that “No person shall use, cause or permit any other person to use a motor vehicle on a road unless a liability which he may incur in respect of damage to the property of a third-party is insured with an Insurer registered under this Act”;

According to the lawmaker, no motorist should drive on Nigerian roads without a valid insurance certificate, but most motorists continue to disregard the law.

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“The House is concerned that the number of vehicles on Nigerian roads with fake certificates has risen to 9.4 million, according to the Nigeria Insurers Association, and only 2.72 million vehicles on Nigerian roads have valid insurance cover as of February 2021.”

“…uninsured vehicles, trucks, and motorcycles ply Nigerian roads.”