National Insurance Commission (NAICOM) has cancelled the certificates of registration of Niger Insurance Plc and Standard Alliance Insurance Plc.
This was disclosed in a statement issued by ‘Rasaaq ‘Salami, head, Corporate Communications and Market Development,for the Commissioner for Insurance, NAICOM, titled, ‘Notice of cancellation of the Certificates of Registration of Niger Insurance Plc and Standard Alliance Insurance Plc’.
The statement read, “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.
“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.”
It would be recalled that in June 2021, the Nigerian Insurers Association suspended Industrial and General Insurance Company Limited, Niger Insurance and Standard Alliance Insurance.
“The governing council of the Nigerian Insurers Association approved the expulsion of the following companies from its membership for failing to meet their obligations to policyholders thus negating the basic principles of insurance,” the NIA had said.
It added that the affected companies should cease forthwith from using the association’s logo on their letterheads and other official documents.
