The National Insurance Commission (NAICOM) has revoked the certificates of registration of Niger Insurance Plc and Standard Alliance Insurance Plc with effect from June 21, 2022.
This was announced on Tuesday by NAICOM in a statement signed by the Commission’s head of Corporate Communications, Rasaaq Salami.
Reports state that the two firms have been struggling to pay policyholders’ claims, staff salaries, and carry out their other obligations.
In March, NAICOM issued a 30-day notice of cancellation of registration to the board of board of Standard Alliance Insurance Plc and Niger Insurance Plc. Whereas, membership of the firms were also suspended in June, 2021 by the Nigerian Insurers Association (NIA).
“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.
The statement did not however state NAICOM’s reasons for revoking the companies’ licences.
Calls and text messages for comments from Salami remain unanswered.
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