By Agency Reporter

Thursday, 24 Feb 2011

The National Insurance Commission, acting in accordance with its statutory powers under (part V11) of the NAICOM Act 1997, has suspended the management of Investment and Allied Assurance Plc from office with immediate effective.

According to a statement by NAICOM on Wednesday, in the interim, it had assumed control of the company and appointed a team of tested professionals to manage the affairs of the insurer for an initial period of six months.

This development followed reports of findings from routine inspection of the company by the Commission and the failure of the management of the company to satisfactorily correct material lapses observed and brought to its attention by the Commission, NAICOM said.

Former Managing Director of the defunct Phoenix Assurance, Alhaji Abayomi Rufai, now heads the interim management of IAA.

Source: Punch