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.
Investigations reveal 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 measures against erring members in order to reinforce the stand of the organisation and insurance industry in general.
He 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.
Meanwhile, Vanguard investigations show that many policyholders with matured policies have been waiting for more than two years to collect their claims.
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.
She said: “Till today, when I go to the Anthony branch where I bought the policy, I don’t even see anybody there. When I got to their head office, the security personnel told me that there was nobody to answer me and that all the staff were working from home.”
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.
“My discharge voucher has been signed since 2019, but I have not seen any money. Standard Alliance hasn’t yet paid me. I have called tirelessly but to no avail. I am an old man, do they want me to die and leave my entitlements behind?” Awe told Vanguard.
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