Universal Insurance Plc has taken the National Insurance Commission to court, seeking to overturn the regulator’s cancellation of its operating licence and the appointment of a receiver/provisional liquidator.
The insurer disclosed the legal action in a notice filed with the Nigerian Exchange on Tuesday and signed by its company secretary, Chinedu Onyilimba.
The Federal High Court Lagos granted Universal Insurance leave to commence proceedings against NAICOM and other respondents over what the company described as the purported cancellation of its licence and the subsequent receivership.
The court also directed the respondents to show cause why an interim order should not be issued to stop further action relating to the licence cancellation and receivership.
Universal Insurance said the court further directed the parties not to take any steps that could undermine the effectiveness of the proceedings pending the determination of its application.
The case has been adjourned until September 3rd , 2026, when the respondents are expected to show cause.
The dispute followed NAICOM’s decision to revoke Universal Insurance’s licence after the company failed to meet the 31st July deadline for compliance with the new minimum capital requirements for non-life insurers.