Standard Alliance Insurance has filed a lawsuit against the National Insurance Commission (NAICOM) in the Federal High Court, Lagos Division over the cancellation of its operating licence.
The insurance firm, whose operating licence was revoked in June this year by the insurance industry’s regulator in its orginating summon.
In a summon taken by Omotayo Olatunbosun of Kunle Adegoke & Co of 1 Abiodun Famodimu Close, GRA Ikeja, Lagos, dated August 2022, the firm sought the reversal of NAICOM’s decision.
The insurance firm is seeking the court to rule that “a declaration that the purported notice of cancellation of registration of Standard Alliance Plc issued by the 1st defendant dated the 21st day of June, 2022 is a nullity ab initio.
“A declaration that all the actions of the 2nd defendant since his appointment as receiver/liquidator of Standard Alliance Insurance Plc is a nullity and, therefore void.
“A declaration that all the actions of the 2nd defendant since his appointment as receiver/liquidator of Standard Alliance Insurance Plc is a nullity and therefore void.”
Standard Alliance said it had notified NAICOM of investors who were ready to stabilize the capital of the company by providing equity of $8 million, which was about N4.5 billion.