NAICOM revokes licences of Niger Insurance, Standard Alliance

The National Insurance Commission (NAICOM) has revoked the certificates of registration of Niger Insurance Plc and Standard Alliance Insurance Plc.

NAICOM, the insurance regulator, announced this in a statement on Tuesday.

Rasaaq Salami, the commission’s head, corporate communications and market development, signed the statement on behalf of NAICOM chief executive officer.

The commission said the cancellation of the companies’ certificates of registration took effect from June 21.

According to reports, the two firms have been struggling to pay policyholders’ claims, staff salaries, and carry out their other obligations.

NAICOM had, in March, issued a 30-day notice to the board of Standard Alliance Insurance Plc and Niger Insurance Plc, disclosing its intention to cancel their certificates of registration.

The Nigerian Insurers Association (NIA), the umbrella body of insurance companies in the country, had, in June 2021, suspended the two firms from its membership.

“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 statement reads.

“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.”

NAICOM did not state the reasons for revoking the companies’ licences in the statement.

Also, Salami did not respond to calls and a text message for comments on the development.