NAICOM cancels Niger Insurance, Standard Alliance’s operational licences

The National Insurance Commission (NAICOM) has withdrawn the operational licenses of embattled Niger Insurance Plc and Standard Alliance Insurance Plc.

Investigation revealed the reason for cancelation of their licenses was as a result of huge unpaid claims of the two firms as they couldn’t compensate policyholders who suffered insured risks. Similarly, they owed workers lots of unpaid salaries while they couldn’t fulfill other debt obligations.

In a statement signed by the head, Corporate Communications and Market Development, NAICOM, ‘Rasaaq ‘Salami and made available to LEADERSHIP, the commission notified all insurance stakeholders and members of the public that “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 said, it 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.

It advised all stakeholders to forward their enquiries to the respective Receiver/Liquidator of each company for their necessary action, while assuring all stakeholders of the safety and protection of their interests.

Earlier, the two companies had been expelled from the Nigerian Insurance Association(NIA) for failure to meet claims obligations to policyholders. NAICOM had earlier warned them to address their challenges, threatening to close the companies down and this, it has done, after they couldn’t improve their operations. (LEADERSHIP)