Osun State Government has signed a Memorandum of Understanding (MoU) with insurance companies and brokers in the state on third party insurance for vehicle registration and renewal.
The agreement was designed to ensure that vehicle owners comply with relevant laws in respect of the insurance of their vehicles and curb rampant fake insurance certificates in the state.
The agreement was also to ensure that vehicle owners have confidence in dealing with insurance companies and to forster unique pattern of the operation of the insurance companies and brokers across the state.
Performing the signing of the agreement on behalf of the state government, the Acting Chairman of Osun State Internal Revenue Board, Mr. Dayo Oyebanji, said that the agreement e-insurance would ensure that vehicles owners do not patronize touts and unexisting insurance companies and brokers.
According to him, it will also assist in detecting easily stolen vehicles through insurance security code and widening the tentacle of revenue automation of the state.
While substantiating the rationale for the agreement, Oyebanji said it would create an ascertainable legal basis for the conduct of relationships between the parties that is, the Insurance Companies and the insured persons in the course of the establishment and the operation of e-insurance.
He said: “The essence of the ‘Third Party Insurance for Vehicle Registration and Renewal is to make vehicle owners to be confident in dealing with insurance companies and brokers in the state and confirm the validity of their third party insurance certificates through electronic means.
“It would also enable the various insurance companies and brokers to come together to have a unique pattern of operation that people of Osun would repose their confidence in and at the same time avail the people of Osun the opportunity to insure their vehicle assets.”
According to him, the affected insurance companies and brokers include Lasaco Assurance; Law Union and Rock Insurance Plc; Leadway Assurance Company; Zenith General Insurance; NEM Insurance Plc; Mutual Benefits Assurance; Niger Insurance; Staco Insurance; Cornerstone Insurance and Great Nigeria Insurance Plc.
Others are LAAM Insurance Brokers Limited; Royal Chamber Insurance Brokers; Kind Insurance Brokers; Subtle Insurance Brokers Limited; Patmodit Insurance Brokers Limited; Mofes Insurance Brokers limited and First Adequate Benefit Brokers Limited.
Speaking on behalf of the insurance companies and brokers, the representatives of the Lead Insurance Company Mr. Kayode Okeremi, said the e-insurance will assist in detecting any stolen vehicle through insurance security code and ensure that vehicle owners comply with relevant laws.