The court, in a ruling by Hon. Justice I. E. Ekwo granted an order in a suit that was filed by Guinea Insurance Plc with suit No: FHC/ABJ/CS/151/2019 against the Commission on February 6, 2019, which barred it from writing new businesses. Some of the issues according to NAICOM includes its failure to appoint a substantive Managing Director; secure reinsurance treaty, amongst others. Meanwhile, on the reinsurance treaty, the company posited that, “there is available and incontrovertible evidence showing that Guinea Insurance Plc has a treaty backup for 2019 packaged by its Lead Reinsurance Broker – Glanvill Enthoven Reinsurance Brokers Limited. On 17th December 2018, Glanvill Enthoven Reinsurance Brokers Limited sent the Guinea Insurance Plc 2019 Reinsurance Treaty Cover Notes to the Company; which documents have been duly delivered alongside all contracting signed slips as evident in the acknowledgement letter stamped as “received” by NAICOM on 18th December 2018.

Source: The Guardian February 18, 2019 03:00 UTC