NAICOM Cancels License of Two Insurance Companies

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CEM REPORT | The license of Niger Insurance Plc and Standard Alliance Insurance Plc has been cancelled.

This is according to the National Insurance Commission (NAICOM) in a statement titled, ‘Notice of cancellation of the Certificates of Registration of Niger Insurance Plc and Standard Alliance Insurance Plc’, issued by the Head, Corporate Communications and Market Development of NAICOM, Rasaaq Salami.

“This is to notify all insurance stakeholders and members of the public that the National Insurance Commission 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.

The apex insurance regulator in the statement further adds that the commission has appointed Sanya Ogunkuade and Kehinde Aina, as the Receiver/Liquidator for Niger Insurance and Standard Alliance Insurance Plc respectively.

“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.

Salami in the statement also assures stakeholders of safety of their interest while advising them to further their enquiries to the respective Liquidator.

“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.”

Recall, that both companies have struggled to pay policyholders’ claims, staff salaries and exited staff gratuities with many of the affected clients facing frustrations, particularly with life policies.

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Also, earlier in March 2022, NAICOM issued 30 days’ notice to both Niger Insurance Plc and Standard Alliance Insurance Plc, to shut down over their inability to settle pending claims in a move that will leave fate of thousands of life policy holders hanging.

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 on the back of their defaults on obligations to policyholders especially on claims payment amongst others.

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