The receiver managers of liquidated Niger Insurance Plc and Standard Alliance Plc are not reaching out to policyholders for the payment of unsettled claims and money due on savings policies, The Nation has learnt.
As a result, policyholders are crying and pleading with the National Insurance Commission (NAICOM) to pay their claims and monies invested in the policies of the dead companies.
The receiver-managers appointed by NAICOM were Sanya, Ogunkuade Esq as receiver/liquidator for Niger Insurance Plc and Kehinde Aina Esq for Standard Alliance Insurance.
The commission advised all stakeholders to forward their enquiries to the respective receivers/liquidators for each company for their necessary action.
Meanwhile, both companies are yet to reach out to the media nor appear publicly on how they would settle the policyholders.
The Nation’s phone calls to Kehinde Aina Esq, the receiver/liquidator for Standard Alliance Insurance, were not answered.
Madam Esther in a complaint sent to the newspaper stated that she had a Flexil Insurance Policy with number 12298 between October 2016 and 2019 with Niger Insurance.
She said: “I took up the policy to support my husband for the payment of the school fees of two of our children in Kwara State University, Malete, Kwara State.
“From my meagre salary, I saved the money in the hope of using it to support my children. All efforts to get my money after the maturity of the policy since 2019 proved abortive.
“My inability to get the money is causing me emotional trauma. It’s affecting me physically too as it’s taking a toll on my health. I need the money because my kids are still in school. Also, I need now that I am is still there”.
Mack Ogbamosa invested in an Income Protection Policy (IPP) with Standard Alliance Plc in 2009. By March 2017, he had paid N3,321,075. In 2017, he requested to terminate the policy because of his daughter’s ill health which required surgery.
The company’s marketer advised that he should take a loan using his policy as collateral. He was given a loan of N2 million at 15 per cent interest. After liquidating the loan, his account officer, advised him to write for the termination of the policy in 2019. He signed the discharge voucher of N1,436,790.64 kobo in the presence of Fajobi on April 5, 2019.
“For about three years, I have been fighting to get my money from the company. This was before NAICOM cancelled its licence in June, this year,” he said.
He called on NAICOM to work with the receivers they appointed to ensure they pay their claims promptly.
The newspaper, however, inquired from the commission what they were doing about the matter.
The Head, Corporate Communications and Market Development, National Insurance Commission, ‘Rasaaq Salami, said the receiver/liquidators needed time to settle down.
He added that a lot of work was involved, noting that the situation of the policyholders was understandable.
He appealed for a little patience to enable the firms to sort things out, reassuring stakeholders of the safety of their interests.
NAICOM revoked certificates of registration of Niger Insurance and Standard Alliance Insurance Plc, with effect from June 21,tis year for unethical conduct.
The decision, which was contained in a statement signed by Salami, means that both companies could no longer provide insurance policies and covers to the public.