Following its expulsion from the Nigerian Insurers Affiliation (NIA), Normal Alliance Insurance coverage Plc has demanded N10 billion from the physique as damages to its status, ensuing from malicious publications by the affiliation.
The underwriting agency acknowledged this in a letter addressed to NIA and dated Monday, July 5, 2021. The letter signed by its lawyer, Ebun-Olu Adegboruwa (SAN), and addressed to the Director-Basic of NIA, Mrs. Yetunde Ilori, alleged circumvention of the appropriate to honest listening to as assured by the 1999 Structure.
It acknowledged that there was nothing within the affiliation’s structure or inside skilled ethics within the insurance coverage business that entitles the affiliation the appropriate to publish such expulsion and to present such malicious cause calculated to break the credibility and status of the corporate.
“Within the mild of the foregoing, we now have consumer’s agency directions to demand the quick withdrawal of the letter of suspension, termination, and expulsion not exceeding seven clear days from the date of receipt of this letter. The identical is to be revealed with an unconditional apology in all of the nationwide newspapers whereby it was marketed, with comparable or higher prominence.
“As well as, the agency calls for from the Affiliation, the cost of N10, billion naira solely) as damages for lack of its status ensuing from the malicious publication,” the lawyer wrote.
He famous that if on the expiration of the seven-day ultimatum the requests weren’t met, the regulation agency would proceed to execute additional directions to discover all lawful technique of redress in opposition to the affiliation, together with taking steps to nullify the purported expulsion and to hunt damages.