NAICOM moves to shut insurance firms over claims failures


NAICOM moves to shut insurance firms over claims failures

By Rosemary Iwunze

The fate of over ten thousand life policyholders in Niger Insurance Plc and Standard Alliance Insurance Plc are now hanging in the balance as the National Insurance Commission, NAICOM, has issued 30 days’ notice to both companies to close shop over their inability to settle pending claims.

Vanguard investigation reveals that NAICOM has issued letter of notice of intention to cancel the certificate of registration of the firms adding that the notices have been received at the companies on 29th and 30th March, 2022.

It will be recalled that 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, noted that the Association would continue to take…

Source: Vanguard Newspaper