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04.08.2020 Business & Finance

Okada, Tricycle Operations Are Illegal, Don’t Insure Them – NIC To Insurance Companies

Okada, Tricycle Operations Are Illegal, Don’t Insure Them – NIC To Insurance Companies
LISTEN AUG 4, 2020

The National Insurance Commission (NIC) has directed insurance companies to stop issuing insurance policies to motorcycles and tricycles used for commercial purposes.

“The Commission hereby directs all insurance companies to desist from issuing insurance policies to cover motorcycles and tricycles used for all commercial purposes, except courier and delivery services,” the Commission noted in a statement.

According to the Insurance Commission, usage of motorcycles and tricycles to carry fare-paying passengers are illegal.

“We wish to bring your attention that regulation 128 of the Road Traffic Regulations, 2012 (Legislative Instrument 2180) prohibits the usage of motorcycles and tricycles to carry fare-paying passengers and also prohibits the DVLA from licensing motorcycles and tricycles to be used to carry fare-paying passengers.”

The Commission further added that “henceforth, accident victims who were fare-paying passengers on motorcycles or tricycles will not qualify for compensation from the Motor Compensation Fund.

Below is the full statement from the NIC

84202040603-m5htk8v331-80a7c5cf-2f14-42b2-8d99-c0385d777d77

---citinewsroom

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