Niger Insurance, Standard Alliance lose licences over failure to settle claims
The National Insurance Commission has cancelled the certificates of registration of Niger Insurance Plc and Standard Alliance Insurance Plc over persistent failure to settle claims.
A statement by the Head, Corporate Communications and Market Development, ‘Rasaaq ‘Salami 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.”
Recall that NAICOM, has issued 30 days’ notice to both companies to close shop over their inability to settle pending claims with the notices received at the companies on 29th and 30th March, 2022.
Similarly, 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.
According to NIA, the expulsion became a necessary on the back of their defaults on obligations to policyholders especially on claims payment amongst others.
Chairman of NIA, Mr. Ganiyu Musa said: “We have to be very harsh, as it were, now. We have an active committee on discipline and conflict resolution. The committee has been strengthened and empowered. We now go beyond the usual refrain or chastisement to taking active steps to discipline erring members.
A former staff and customer of Niger Insurance Plc, Alika Lauretta Ronma, has insurance policy No: PO9651 from Niger Insurance Plc with outstanding claims of N374,416.64 since January 2019.
For Standard Alliance, Mr. Tope Awe, a retiree has a life policy SIP/14/0005402/ IKJ with the company. The policy matured in 2019, the discharge voucher to settle the claims has been given to Awe, but the money has not been released.