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Chuks Udo Okonta
Shareholders and brokers have made a passionate appeal to the National Insurance Commission (NAICOM) to investigate an insurance company that has been hit by exodus of its marketers due to failure to pay commission, delayed claims and irregular salary payout to employees.
The National Coordinator, Independent Shareholders Association of Nigeria (ISAN) Moses Igbrude, implored NAICOM to first call the firm to enquiry what really is its challenge, adding that if the challenge is manageable, the firm should warned but when the problem continued, NAICOM should take regulatory intervention by appointing competent hands to manage the firm.
According to him, urgent measures should be taking to save the firm and secure interest of policyholders and shareholders.
He commended NAICOM for its intervention in International Energy Insurance Plc, stressing that such a measure should be applied to save ailing insurance firms.
A top broker who does not want to be named, also appealed to NAICOM to intervene in the company before the case becomes like that of defunct Niger Insurance Plc.
He said the firm has serious solvency issues, adding that brokers are wary of placing policyholders risks with such an ailing firm.
Inspenonline gathered that 50 per cent of the firm’s marketers had left because of its inability to pay commission and settle claims promptly, forcing policyholders to be threatening the marketers.