Standard Alliance Insurance Plc., has protested the cancellation of its certificate of registration by National Insurance Commission, NAICOM.

NAICOM had, by a letter dated June 21, 2022, cancelled the certificate of registration of Standard Alliance, after the insurance firm had requested the review of the commission’s plan.

The board and shareholders have gone to court to challenge the commission over the withdrawal of the certificate of operation, at a time a standby investor had shown readiness to recapitalise the company.

Standard Alliance had, by a letter dated April 12, 2022, addressed to the Minister of Finance, Budget and Planning, asked for a review of the NAICOM’s plan, and had noted that it was at that point working to overcome its recapitalisation and operational challenges, as it also begged that a review would protect the interest of policyholders and pensioners, who stand to lose all their benefits; ensure the survival of the company; preserve the image and reputation of the industry, avoid collateral damages, which include loss of employment, tax and other entitlements to key stakeholders; and save the regulatory costs, efforts and legal costs involved in licence cancellation.

Also, another letter dated June 8, 2022, to the Minister of Finance, Budget and Planning, Standard Alliance, revealed that it had secured an investor, Endura Investment Global Limited, which plans to immediately invest $8 million, in the first instance, and a commitment to invest more funds to meet up future NAICOM recapitalisation requirement.