The National Insurance Commission (NAICOM), which regulates the industry in Nigeria, is strengthening regulatory and capital requirements of companies to ensure their solvency and suitability.
However, fake vehicle documents undermines the growth of the sector despite stringent policies put in place by regulators to spur compliance.
To help stem the tide, a service that allows you to confirm the existence and validity of your vehicle insurance policy exists.
Customers only need to dial the shortcode (*565*11#), enter the vehicle registration number, and the status of the insurance for the vehicle is presented via the USSD session.
Note:
- A service fee of N20 is charged
Possible Outcomes
- Response: e.g “Policy Valid till 23 SEPTEMBER 2019” . Meaning: The insurance cover for the vehicle registration number you provided is valid till 23rd of September, 2019.
- Response: e.g “Vehicle Registration Number not found” . Meaning: This applies to any of the following:
-
- Vehicle registration number provided is invalid
- The vehicle has never had a valid insurance cover
- The insurance cover for the vehicle registration provided has expired over 1 year.
