The umbrella body for risks underwriting companies in the country, the Nigerian Insurers Association (NIA), has said it would deploy the Nigerian Insurance Industry Database (NIID) to check the increasing rate of fake marine insurance in the industry. According to the association, the NIID marine insurance module would be ready by the end of the second quarter of next year while awareness programme on the database would commence immediately.
NIID is an electronic platform established by the NIA to serve as a vehicle for easy identification of genuine insurance documents by relevant authorised persons, monitor insurance transactions and reduce fraud in insurance transactions. It is currently being deployed to capture all the third party motor insurance transactions in the country with a view to extending it to other types of compulsory insurances in due course.
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