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Standard Alliance Insurance Sues NAICOM Over Revocation Of Licence

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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The insurance firm, whose operating licence was revoked in June this year by the insurance industry’s regulator in its orginating summon.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.

The firm also said it had appealed to the Minister of Finance and Budget, Zainab Ahmed to intervene but was yet to get any response before the cancellation of the operation licence.

It would be recalled that in June, NACOM cancelled the Certificates of Registration of Niger Insurance Plc and Standard Alliance Insurance Plc.

NAICOM had in a statement said that, “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.”

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