Home Business News National Insurance Commission, NIC stopped old motor insurance stickers
National Insurance Commission, NIC stopped old motor insurance stickers

National Insurance Commission, NIC stopped old motor insurance stickers

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National Insurance Commission, NIC stopped old motor insurance stickers the change had been effective from, Monday, January 20, 2020, according to the commission.

Note the decision was taken after a new electronic vehicle insurance sticker was rolled out.

NIC revealed this in a statement it released to the public to ensure the safety of the general public and curb the trend of bogus motor insurance stickers among other items.

In the document, the Commission, which is the insurance services regulatory and supervisory body, claimed that it has a specific customer and prudential regulatory mandate under Section 2(3) of the Insurance Act 2006, (Act 724) commenced the introduction of the Motor Insurance Database (MID), effective 1 January 2020.

The objective of the Introduction of the Motor Insurance Database (MID) is to reduce the threat of counterfeit motor insurance stickers on the roads, putting lives and property at risk.

This simply means that old auto insurance stickers are no longer valid. In other words, any old motor insurance sticker released after Monday 20 January 2020 is illegal and should be refused by insurance holders. Both insurance providers were required to submit to the database both motor insurance policies released before January 20, 2020.

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