NAICOM Cancels Registration Certificates Of Standard Alliance Insurance, Niger Insurance
The Nigerian insurance industry primary regulator, the National Insurance Commission (NAICOM) has cancelled the certificates of registration of Standard Alliance Insurance Plc and Niger Insurance Plc.
This was contained in a statement issued today titled “Notice of Cancellation of the Certificates of Registration of Niger Insurance Plc and Standard Alliance Insurance Plc” signed by Mr ‘Rasaaq ‘Salami Head, Corporate Communications and Market Development For: Commissioner For Insurance, NAICOM.
The statement reads: “This is to notify all insurance stakeholders and members of the public that the National Insurance Commission, NAICOM has CANCELLED the certificates of registration of Standard Alliance Insurance Plc, RIC – 091 and Niger Insurance Plc, RIC – 029 with effect from the 21st day of June, 2022.
“Consequently, the Commission has appointed Sanya, Ogunkuade Esq of Plot 217, Upper Grace Plaza, 3rd Floor (Left Wing), Shetima Munguno Crescent, Behind Julius Berger Equipment Yard, Utako, Abuja as the Receiver/Liquidator for Niger Insurance Plc and, Kehinde Aina Esq of Aina Blankson LP, 5/7, Ademola Street, SW Ikoyi, Lagos as the Receiver/Liquidator for Standard Alliance Insurance Plc.
“All stakeholders are advised to forward their enquiries to the respective Receiver/Liquidator for each company for their necessary action.
“The Commission assures all stakeholders of the safety and protection of their
interests.”
The fate of over ten thousand life policyholders in Niger Insurance Plc and Standard Alliance Insurance Plc are now hanging in the balance as
The National Insurance Commission (NAICOM) had earlier issued 30 days’ notice to both companies to close shop over their inability to settle pending claims.
According to Vanguard investigation, it was revealed that NAICOM has issued letter of notice of intention to cancel the certificate of registration of the firms adding that the notices have been received at the companies on 29th and 30th March, 2022.
It will be recalled that the Nigeria Insurance Association, NIA, the umbrella body of insurance firms in the country, had suspended the two firms from its membership in June last year.
The expulsion, according to NIA, became a necessary on the back of their defaults on obligations to policyholders especially on claims payment amongst others.
Chairman of NIA, Mr. Ganiyu Musa, noted that the Association would continue to take measures against erring members in order to reinforce the stand of the organisation and insurance industry in general.
He said: “We have to be very harsh, as it were, now. We have an active committee on discipline and conflict resolution. The committee has been strengthened and empowered. We now go beyond the usual refrain or chastisement to taking active steps to discipline erring members.
“Investigations show that many policyholders with matured policies have been waiting for more than two years to collect their claims.
“A former staff and customer of Niger Insurance Plc, Alika Lauretta Ronma, has insurance policy No: PO9651 from Niger Insurance Plc with outstanding claims of N374,416.64 since January 2019,” Vanguard had reported.
She said: “Till today, when I go to the Anthony branch where I bought the policy, I don’t even see anybody there. When I got to their head office, the security personnel told me that there was nobody to answer me and that all the staff were working from home.”
For Standard Alliance, Mr. Tope Awe, a retiree has a life policy SIP/14/0005402/IKJ with the company. The policy matured in 2019, the discharge voucher to settle the claims has been given to Awe, but the money has not been released.
“My discharge voucher has been signed since 2019, but I have not seen any money. Standard Alliance hasn’t yet paid me. I have called tirelessly but to no avail. I am an old man, do they want me to die and leave my entitlements behind?” Awe told Vanguard.
