NAICOM suspends 3 insurance firms for 6 months

The National Insurance Commission (NAICOM), on Monday, suspended Alliance and General Insurance Company Ltd.; A&G Life Assurance Plc; and Fidelity Bond Insurance Brokers from transacting further business for six months.

A statement issued by the commission’s Deputy Commissioner (Technical), Ibrahim Hassan, accused the companies of non-rendition of accounts, misrepresentation and non-disclosure of liabilities.

It listed other offences of the companies to include non-remittance of premiums and commissions, and corporate governance abuses.

The statement reads in part: “the suspension is as a result of the failure by the respective companies to comply with relevant provisions of the National Insurance Commission Act 1997 and the Insurance Act 2003.

“The commission, in the exercise of the powers conferred on it by the enabling laws also states that the suspension order may further be extended at the end of six months until such a period when the commission is satisfied that:

“The violation of the provisions of the National Insurance Commission Act 1997 and the Insurance Act 2003 has been addressed and the method of transacting business is no longer hazardous to the policyholders and potential clients.”

The suspension takes effect from August 6, the statement said.


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