The government, through the Insurance Regulatory Authority (IRA), has announced that from February this year, all imports will be required to possess Marine Cargo Insurance.
The regulator, in a notice dated Tuesday, January 7, stated that the digitally procured cover must be obtained from a local insurance company.
IRA went ahead to clarify that the new regulation was in line with the amendments of the Marine Insurance Act of 2017 which made it mandatory for people to acquire the Insurance.
According to the Insurance regulator, the amendment also outlawed sourcing marine cargo insurance covers from insurers not locally licensed under the Insurance Act.
