The National Insurance Commission (NAICOM) has cancelled the certificates of registration of Niger Insurance Plc and Standard Alliance Insurance Plc over their inability to settle outstanding claims for over three consecutive years.
It was gathered that both companies have over N15 billion insurance contract liabilities. Both companies have been suspended by the Nigeria Insurers Association (NIA) since June 2021.
The financial reports of both companies show that Niger Insurance Plc has insurance contract liabilities of N11.5 billion, while Standard Alliance has insurance contract liabilities of N3.9 billion, Vanguard reports.
NAICOM said in a release on Tuesday by its spokesman Rasaaq Salami on behalf of the commissioner for insurance/CEO of NAICOM Thomas Sunday, “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.”
Former employee and customer of Niger Insurance Plc, Alika Ronma, who has insurance policy No: PO9651 from Niger Insurance Plc with outstanding claims of N374,416.64 since January 2019, expressed concern over the development.
She said: “I reside in Lagos and the receivers office is in Abuja. I hope my claims will be settled without hitche.”
The newspaper quoted a spokesperson for NAICOM as saying: “The liquidators can settle all outstanding claims within stipulated time. Policyholders are advised to direct all their issues to them.”