NIA Expels Standard Alliance, Two Other Insurance Firms For Not Paying Claims
The Nigerian Insurers Association has expelled three insurance companies from its membership for failure to meet their obligations to policyholders.
The association disclosed this in a statement signed by its Director General, Yetunde Ilori.
The association listed the companies as Industrial and General Insurance Company Ltd, Niger Insurance Plc and the Standard Alliance Insurance Plc.
NIA alleged that the membership of the insurance firms was withdrawn over failure to meet their obligations to policy holders nullifying the basic principles of insurance.
The NIA said, “The Governing Council has approved the expulsion of three companies from its membership for failing to meet their obligations to policyholders, thus negating the principles of insurance.
“The affected companies should cease forthwith from using the association’s logo on their letterheads and their official documents.”
THE WHISTLER observed that despite the action on the firms, their shares were both trading at N0.2k on the Nigerian Exchange. This was the price previously held as of Tuesday.