AIO Suspends Unic, Two Other Nigerian Firms | Independent Newspapers Limited
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Business, Insurance

AIO Suspends Unic, Two Other Nigerian Firms

Posted: Jun 4, 2015 at 12:10 am   /   by   /   comments (0)

African Insurance Organisation (AIO) has suspended Unic Insurance Plc, T.A. Braithwaite and Alexander Forbes from the organisation due to their failure to pay membership subscription fees for three consecutive years.

The three Nigerian based firms were among the 10 companies suspended by the organisation during its 42nd Annual General Assembly in Gammarth, Tunisia recently.

The other companies suspended by the AIO are: Allianz Cameroun Assurances (Cameroon), Generale de Courtage (Guinea), Phoenix of East Africa (Kenya), Lesotho National Insurance Company (Lesotho), Oakhurst Insurance (South Africa), Blue Nile Insurance Company Limited (Egypt) and Milliman Co. Dubai (United Arab Emirates).

The organisation also disclosed that letters and notice had earlier been sent to the affected companies but they still refused to pay the required subscription fees.

Similarly, the AIO also announced that two Nigerian based firms, Femi Johnson & Co and Riskguard Africa have voluntarily withdrawn their membership of the organisation.

In line with its membership drive, the AIO also admitted five new members from Bahrain, Benin, Rwanda, South Africa and Togo.

This information was contained in the report of AIO Executive Committee to Annual General Assembly of the organisation.

Meanwhile, Morocco will be hosting the 43rd AIO Conference in May 2016 as approved by the organisation’s general assembly recently.

Mr. Bachir Baddou, Director General of Morrocan Federation of Insurance and Reinsurance Companies, submitted a bid to host the conference next year when he attended the four-day 42nd Conference held in Gammarth, Tunisia that ended last week.

Baddou also made a presentation about the Morrocan insurance market and Morocco during the sessions of the executive committees and the general assembly of the conference.

It was agreed unanimously that Morocco will host the next session of the Conference in Marakech from May 22nd to May 25th, 2015.