MONDAY 11th October, 2021: The National Insurance Commission (NAICOM) in partnership with key operators in the industry is targeting January 2022 for the review of third-party insurance premiums.
This development was disclosed by the Chairman of the Nigeria Insurers Association (NIA), Committee on Publicity, Ebelechukwu Nwachukwu over the weekend. 
According to him, the committee was working on a review of the motor policy premium whose report would be submitted to NAICOM this year to publish a scientific new price for the third party that would include the ECOWAS Brown Card.
Nwachukwu noted that in order to include the Economic Community of West African States (ECOWAS), into the new plan, insurers met with ECOWAS representatives to examine how to process, issue and use a brown card with motor insurance in Nigeria.
He further stated that NAICOM has conducted a test run of the RBS in five insurance companies
During the discussion, NAICOM underlined risks that would be used to evaluate underwriting firms when it comes to visiting for risk-based supervision (RBS), such as credit risk, liquidity risk, market risk, insurance risk, operational risk, legal regulatory risk, compliance risk and strategic risk.