NAICOM, according to the release signed by Deputy Commissioner (Tecnical), Ibrahim Hassan on August 7, 2012, has suspended Alliance & General Insurance Company Ltd, A&G Life Insurance Plc and Fidelity Bond Insurance Brokers from transacting further insurance business for a period of six (6) months with effect from August 6, 2012.
the reasons given includes:
- failure to comply with relevant provisions of the National Insurance Commission Act 1997 and Insurance Act 2003;
- non-rendition of accounts;
- misrepresentation and non-disclosure of liabilities;
- non-remittance of premiums and commissions, and
- corporate governance abuses.
The Commission also states that the suspension order may further be extended at the end of six (6) months until it is satisfied with the conduct of the companies.
It may interest you to know that the three companies have common ownership.
Please visit
http://www.naicom.gov.ng/News.php?new=264 details.
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