Standard Alliance Insurance Plc, has accused the umbrella body of insurance companies, Nigerian Insurers Association (NIA) of denying it right to fair hearing before proceeding to publish its expulsion from the association.
Consequently, Standard Alliance has demanded that the association should immediately withdraw the letter of suspension, termination and expulsion not exceeding seven clear days and pay N10 billion as damages for loss of reputation resulting from the malicious publication.
Last month, the Governing Council of the umbrella body approved the expulsion of Standard Alliance Insurance Plc and two other insurance companies from it’s membership for failing to meet their obligations to policyholders, thus negating the principles of insurance.
However, in a letter entitled: RE: Purported Expulsion of Standard Alliance Insurance PLC From The Membership Of Nigerian Insurers Association, dated Monday, July 5, 2021, signed by its lawyer, Ebun-Olu Adegboruwa (SAN) and addressed to the Director-General of NIA, Mrs. Yetunde Ilori, Standard Alliance kicked against the action.
The solicitor alleged a circumvention of his client’s right to fair hearing as guaranteed by the 1999 Constitution, stating that there is nothing in the Association’s Constitution or within professional ethics in the insurance industry which entitles the Association to publish to the general public such expulsion and to give such malicious reason so calculated to damage the credibility and reputation of his client to the insuring public and indeed the whole world.
“In the light of the foregoing, we have our client’s firm instructions to demand the immediate withdrawal of the letter of suspension, termination and expulsion not exceeding seven (7) clear days from the date of receipt of this letter. the same to be published with an unconditional apology in all the national newspapers wherein it was advertised, with similar or greater prominence. In addition, our Client demands from the Association, the payment of N10,000.000.000.00 (Ten Billion Naira Only) as damages for loss of its reputation resulting from the malicious publication,” he said.
He noted that if at the expiration of the seven clear days from the date of receipt of the letter. he request on behalf of his client is not met, they shall have no further recourse to NIA but will proceed to execute his client’s further instructions to explore all lawful means of redress against the Association. including taking steps to nullify the purported expulsion and to seek damages.