The National Insurance Commission has cleared two insurance firms – Alliance & General Insurance Company Limited and Alliance & General Life Assurance Company Plc – over irregularities in the payment of recertification fees.

The two insurance firms were among three insurance firms indicted for irregularities in the payment of recaptalisation fees in the recently exercise conducted NAICOM.

The panel that investigated the conduct of the recapitalisation of the insurance industry led by Mr. Bala Zakari’yau discovered N25.750m deficits in the fees collected by NAICOM from underwriters which it traced to the three companies.

But in a letter issued by its Director Technical, Mr. A.A. Omilabu, on July 5, NAICOM said the companies had paid the N20m required from the two firms for recertification.
Omilabu said, “We write to confirm that Alliance & General and Alliance & General Life made full payment for the recertification fee as one of the requirements for recapitalisation.”