NIC Holdings has come out to explain the suspension of the operating licence for NIC Life Assurance Company Limited (NIC Life).
The Insurance Regulatory Authority – IRA recently suspended the operating licence NIC Life Assurance Company Limited (NIC Life) due to the delayed appointment of Managing Director/Principal Officer.
NIC Life is a subsidiary of NIC Holdings Limited.
The Board says they had advertised the position in the newspapers in July, 2022 and that the process of recruiting a substantive Chief Executive Officer was underway.
Elias Edu, Esq, Company Secretary says in a meeting, with the regulator on 12th August, 2022 and in a subsequent letter on 19th August, 2022, NIC Life communicated its plan on the recruitment of Managing Director/Principal Officer.
“However, while NIC Life was still awaiting the response on the plan, the regulator suspended its licence as communicated on 29th August, 2022.”
According to him, the Board says that Oluwatoyin Sanyaolu, a chartered insurer with decades long insurance experience, who has been a Director on the Board of NIC Life was appointed to the position effective 29th August, 2022.
“This appointment has been duly notified to the Regulator. Whilst efforts are on-going to positively resolve the issues around the suspension of NIC Life’s licence and in the hope of receiving expeditious regulatory approval in relation to the said appointment, the Board wishes to assure the public that it will continue to provide its support to the life subsidiary to fulfil all legal requirements.”
NIC Life constitutes an integral part of the Company’s investment in subsidiaries, representing 21% of the total assets of the group and 10.3% of the gross premium written as at 31st December, 2021.