Revealed! NAICOM Threatens to Sack Boards of Weak Insurance Firms

• Weak security firms successful the state whitethorn soon suffer their presumption successful the marketplace according to the National Insurance Commission
• This came aft NAICOM sacked the committee and absorption of Africa Alliance Insurance and appointed an interim committee
• The committee said with what happened successful African Alliance, an operational enactment has been drawn for security companies successful the country

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

NAICOM precocious fired Africa Alliance Insurance's committee and management. Photo Credit: NAICOM
Source: UGC

The National Insurance Commission (NAICOM) has threatened to instrumentality akin measures against different security companies that grounds signs of weakness and are incapable to fulfill their claims and different obligations. As a result, anemic security companies successful the federation whitethorn soon suffer their spot successful the market.

Recently, the committee fired Africa Alliance Insurance's committee and absorption and appointed an interim committee and absorption to instrumentality implicit the company's operations going forward.

According to the commission, an operational enactment has been drawn for the nation's security businesses successful airy of what transpired successful African Alliance, the extended grace clip it granted the institution to adapt, and the company's unspeakable cognition of dribbling the regulator.

During a caller property briefing successful Lagos, Dr. Usman Jankara, the Deputy Commissioner for Insurance Technical, stated that the operational enactment has been initiated by the regulatory enactment against African Alliance Insurance Plc.

He issued a warning, saying that immoderate concern that crosses the enactment going guardant volition look the due regulatory response.

In a aforesaid vein to his Deputy Commissioner Technical, Commissioner for Insurance Ayo Olusegun Omosehin stated that the Commission would marque definite that each directors whose positions were taken implicit done regulatory involution were listed successful NAICOM's Black Book.

According to Omosehin, specified people would ne'er beryllium permitted to service arsenic directors oregon clasp immoderate enforcement positions successful the security sector. He emphasized that they whitethorn spell and found caller lives successful fields wherever they are welcomed, but not successful the security business.

NAICOM appoints interim MD, others

Legit.ng reported that African Alliance Insurance Plc, 1 of Nigeria's oldest beingness security businesses, had its committee and absorption fired by the National Insurance Commission (NAICOM).

This came aft years of insolvency and noncompliance with policyholder and annuitant obligations.

As the main watchdog implicit the security industry, the Commission declared successful a property merchandise that arsenic of October 30, 2024, it has assumed power of the Board and Management of African Alliance Insurance Plc.

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Source: Legit.ng