Shareholders of Standard Alliance Insurance Plc have dragged the insurance industry’ regulator, National Insurance Commission, to the Federal High Court in Lagos over the cancellation of its operating license.
The insurance company, whose operating license was revoked in June, disclosed this in documents made available to Daily Trust.
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In a summon taken out by Omotayo Olatunbosun of kunle Adegoke & Co of 1 Abiodun Famodimu Close, GRA Ikeja, Lagos, dated August 2022, it sought the reversal of NAICOM’s decision.
It sought the prayer of the court on “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.”
According to the documents, Standard Alliance said it had notified NAICOM of investors who were ready to stabilize the capital of the company by providing equity of $8m, which was about N4.5bn.
It also said it had appealed to the Minister of Finance, Budget and Planning to intervene but was yet to get any response before the cancellation of the operation license.
It would be recalled that in June, NACOM cancelled the Certificates of Registration of Niger Insurance Plc and Standard Alliance Insurance Plc.
NAICOM was however yet to react to the new development as of the time of filing this report.
