Universal Insurance Sues NAICOM Over License Cancellation

Universal Insurance Plc has initiated legal proceedings against the National Insurance Commission (NAICOM), taking the regulatory body to the Federal High Court. The insurer's move comes in direct response to NAICOM's decision to cancel its operating license and subsequently appoint a Receiver/Manager.

According to a statement released by the Company Secretary of Universal Insurance, Mr. Chinedu Onyilimba, the company contests the actions taken by NAICOM. The core of the dispute lies in the cancellation of the operating license, a move that has effectively halted the company's business activities and led to the appointment of external management.

The article highlights the legal battle initiated by Universal Insurance as a significant development in the Nigerian insurance sector. The outcome of this court case could have implications for regulatory practices and the operational landscape for insurance companies in the country.

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Universal Insurance Plc has dragged the National Insurance Commission, NAICOM, to the Federal High Court, following the cancellation of the Company’s operating licence and the appointment of a Receiver/Manager by the Commission.