{"id":31966,"date":"2021-07-10T09:30:00","date_gmt":"2021-07-10T08:30:00","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=31966"},"modified":"2021-10-07T00:43:20","modified_gmt":"2021-10-07T00:43:20","slug":"standard-alliance-demands-n10bn-damages-from-nia","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/","title":{"rendered":"Standard Alliance demands N10bn damages from NIA"},"content":{"rendered":"<p>Standard Alliance Insurance Plc. has demanded N10 billion from Nigeria Insurance Association (NIA) as damages for loss of reputation that resulted from its purported expulsion by the association.<br \/>\nThis is contained in a letter sent to NIA by the solicitor of the insurer, Ebun -Olu Adegboruwa (SAN), dated July 5 , on Friday in Lagos.<br \/>\nThe solicitor also demanded an immediate withdrawal of the letter of suspension, termination and expulsion given to the underwriter within seven days from the day of receipt of the letter.<br \/>\nIt stated that the same should be published with an unconditional apology in all national dailies wherein it was advertised with similar or greater prominence.<br \/>\nNIA had on June 23, announced expulsion of Industrial and General Insurance Co. Ltd (IGI) Niger Insurance and Standard Alliance Insurance Plc as its members with effect from Feb. 22.<br \/>\nNIA said expulsion of the insurance companies was  for failing to meet up their obligations to policy holders and thus negating the basic principles of insurance.<br \/>\nStandard Alliance Solicitor alleged that the Chairman of the NIA\u2019 s Governing Council, Mr Ganiyu Musa, did not recuse from all deliberation and eventual decision of the council in approving the purported expulsion of the insurer, against which he had a pending grievance.<br \/>\nIt explained that the process through which the insurance firm was sanctioned was manifestly tainted with fundamental infractions and circumvention of its right to fair hearing as guaranteed by the 1999 Constitution.<br \/>\n\u201cThe reason proffered for terminating the insurer\u2019s membership is glaringly false, considering that the company, in 2018, made a cash premium of N3,757, 303,000 and paid claims of N2,707,875, 000, inclusive of individual life policy claims.<br \/>\n\u201cIn 2019, the insurer made a cash premium receipt of N2,427,120,000 and paid claims of N1,907,834,000, inclusive of individual life policy claims.<br \/>\n\u201cIn 2020, due to the effect of the coronavirus pandemic lockdown, the underwriter made a cash premium of N967,753,000 and had to resort to other reserve funds to enable it pay claims of N 1,148 ,327,340,  inclusive of individual life policy claims,\u201d it said.<br \/>\nAccording to the solicitor, the firm  also settled all its obligations to NIA for which the receipt was duly issued by the association on Dec. 22, 2020 .<br \/>\nThe solicitor said : \u201cIf at the expiration of the seven days from the date of receipt of this letter, our request on behalf of our client is not met.<br \/>\n\u201cWe shall have no further recourse to you but proceed to execute our clients\u2019 further instructions to explore all redress against the association,  including taking steps to nullify the purported expulsion and to seek damages .<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-31966\" data-postid=\"31966\" class=\"themify_builder_content themify_builder_content-31966 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>Standard Alliance Insurance Plc. has demanded N10 billion from Nigeria Insurance Association (NIA) as damages for loss of reputation that resulted from its purported expulsion by the association. This is contained in a letter sent to NIA by the solicitor of the insurer, Ebun -Olu Adegboruwa (SAN), dated July 5 , on Friday in Lagos. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1232,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125,126],"tags":[211],"class_list":["post-31966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","category-trade-and-industry","tag-insurance","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Standard Alliance demands N10bn damages from NIA - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Standard Alliance demands N10bn damages from NIA - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"Standard Alliance Insurance Plc. has demanded N10 billion from Nigeria Insurance Association (NIA) as damages for loss of reputation that resulted from its purported expulsion by the association. This is contained in a letter sent to NIA by the solicitor of the insurer, Ebun -Olu Adegboruwa (SAN), dated July 5 , on Friday in Lagos. [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/\" \/>\n<meta property=\"og:site_name\" content=\"The Freezone Channel\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-10T08:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-07T00:43:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2018\/10\/insurance.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"255\" \/>\n\t<meta property=\"og:image:height\" content=\"198\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"The Freezone Channel\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The Freezone Channel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/\",\"url\":\"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/\",\"name\":\"Standard Alliance demands N10bn damages from NIA - The Freezone Channel\",\"isPartOf\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2018\/10\/insurance.jpg\",\"datePublished\":\"2021-07-10T08:30:00+00:00\",\"dateModified\":\"2021-10-07T00:43:20+00:00\",\"author\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/96bf776ac18c24b9af3209b53d6372d3\"},\"breadcrumb\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/#primaryimage\",\"url\":\"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2018\/10\/insurance.jpg\",\"contentUrl\":\"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2018\/10\/insurance.jpg\",\"width\":255,\"height\":198},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thefreezonechannel.com\/old\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Standard Alliance demands N10bn damages from NIA\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#website\",\"url\":\"https:\/\/thefreezonechannel.com\/old\/\",\"name\":\"The Freezone Channel\",\"description\":\"The Freezone Channel\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/thefreezonechannel.com\/old\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/96bf776ac18c24b9af3209b53d6372d3\",\"name\":\"The Freezone Channel\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3f4e6030bdb5805ae43cd1d477fe145bf335374d0d4cf5fc6df5a21a74c2c20f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3f4e6030bdb5805ae43cd1d477fe145bf335374d0d4cf5fc6df5a21a74c2c20f?s=96&d=mm&r=g\",\"caption\":\"The Freezone Channel\"},\"sameAs\":[\"https:\/\/thefreezonechannel.com\"],\"url\":\"https:\/\/thefreezonechannel.com\/old\/author\/fzmainadmin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Standard Alliance demands N10bn damages from NIA - The Freezone Channel","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/","og_locale":"en_US","og_type":"article","og_title":"Standard Alliance demands N10bn damages from NIA - The Freezone Channel","og_description":"Standard Alliance Insurance Plc. has demanded N10 billion from Nigeria Insurance Association (NIA) as damages for loss of reputation that resulted from its purported expulsion by the association. This is contained in a letter sent to NIA by the solicitor of the insurer, Ebun -Olu Adegboruwa (SAN), dated July 5 , on Friday in Lagos. [&hellip;]","og_url":"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/","og_site_name":"The Freezone Channel","article_published_time":"2021-07-10T08:30:00+00:00","article_modified_time":"2021-10-07T00:43:20+00:00","og_image":[{"width":255,"height":198,"url":"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2018\/10\/insurance.jpg","type":"image\/jpeg"}],"author":"The Freezone Channel","twitter_card":"summary_large_image","twitter_misc":{"Written by":"The Freezone Channel","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/","url":"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/","name":"Standard Alliance demands N10bn damages from NIA - The Freezone Channel","isPartOf":{"@id":"https:\/\/thefreezonechannel.com\/old\/#website"},"primaryImageOfPage":{"@id":"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/#primaryimage"},"image":{"@id":"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/#primaryimage"},"thumbnailUrl":"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2018\/10\/insurance.jpg","datePublished":"2021-07-10T08:30:00+00:00","dateModified":"2021-10-07T00:43:20+00:00","author":{"@id":"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/96bf776ac18c24b9af3209b53d6372d3"},"breadcrumb":{"@id":"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/#primaryimage","url":"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2018\/10\/insurance.jpg","contentUrl":"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2018\/10\/insurance.jpg","width":255,"height":198},{"@type":"BreadcrumbList","@id":"https:\/\/thefreezonechannel.com\/old\/standard-alliance-demands-n10bn-damages-from-nia\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thefreezonechannel.com\/old\/"},{"@type":"ListItem","position":2,"name":"Standard Alliance demands N10bn damages from NIA"}]},{"@type":"WebSite","@id":"https:\/\/thefreezonechannel.com\/old\/#website","url":"https:\/\/thefreezonechannel.com\/old\/","name":"The Freezone Channel","description":"The Freezone Channel","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thefreezonechannel.com\/old\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/96bf776ac18c24b9af3209b53d6372d3","name":"The Freezone Channel","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3f4e6030bdb5805ae43cd1d477fe145bf335374d0d4cf5fc6df5a21a74c2c20f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3f4e6030bdb5805ae43cd1d477fe145bf335374d0d4cf5fc6df5a21a74c2c20f?s=96&d=mm&r=g","caption":"The Freezone Channel"},"sameAs":["https:\/\/thefreezonechannel.com"],"url":"https:\/\/thefreezonechannel.com\/old\/author\/fzmainadmin\/"}]}},"builder_content":"","_links":{"self":[{"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/posts\/31966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/comments?post=31966"}],"version-history":[{"count":0,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/posts\/31966\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/media\/1232"}],"wp:attachment":[{"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/media?parent=31966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/categories?post=31966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/tags?post=31966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}