NAICOM revokes Universal Insurance’s licence, appoints receiver
The cancellation, which took effect on August 14, 2026, followed the company’s alleged failure to meet the prescribed Minimum Capital Requirement (MCR) applicable to its category of licence within the stipulated compliance period.
By Innocent Anaba The National Insurance Commission (NAICOM) has revoked the license of Universal Insurance Plc and appointed a receiver/provisional liquidator to commence the process of winding up the company’s affairs.
He also directed persons and institutions dealing with the company’s funds, assets, records, policies, claims, liabilities or other affairs to verify the authority of anyone purporting to act on behalf of Universal Insurance.
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