Universal Insurance drags NAICOM to court, secures leave to challenge licence revocation
Universal Insurance Plc has commenced legal action against the National Insurance Commission (NAICOM) following the revocation of its operating licence, with a Federal High Court in Lagos granting the insurer leave to challenge the regulator's decision. The post Universal Insurance drags NAICOM to court, secures leave to challenge licence revocation appeared first on Nairametrics .
Universal Insurance Plc has filed a lawsuit against Nigeria's National Insurance Commission (NAICOM) over the revocation of its operating license, following a ruling by the Federal High Court in Lagos. The insurer was granted permission to challenge the regulator's decision in the Nigerian Exchange (NGX) filing made on Tuesday. Universal Insurance was among several firms that missed the July 31, 2026 deadline set by NAICOM for adhering to the new minimum capital requirements.
The court ordered NAICOM and other respondents to justify the "supposed cancellation" of the insurer's operating licence and the appointment of a Receiver/Manager. A hearing has been set for September 3, 2026, to allow the respondents to provide their explanation. The company will stay in communication with shareholders, NGX, and the public regarding any significant developments in compliance with regulatory guidelines.
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