The Administration of Staco Insurance Plc has denied the accusation of regulatory violations which was levied against them and some other insurance companies.
In a statement by the company’s Acting Managing Director, Mr Bayo Fakorede, Staco denied the accusations after some insurance firms were invited by the House of Representatives on Capital market.
Staco repeated its commitment to professionalism, being one of the essential values of the organisation and its determination to ensure compliance with the corporate governance.
It stated, “The administration also checks that there is no bit of insider dealings in the company.
The inability of the management to attend the meeting as planned by the House Committee was due to unexpected circumstances which were duly communicated to the sub-committee.
We have attended similar meetings in the past and thus would not deliberately stay away from attending the scheduled meeting.
The management of the company confirms that it anchors its operations on high standards which imbibe the principles of full disclosure, accountability, transparency and respect for stakeholders’ interest.”
This has been the manner of dealings with all regulatory authorities and the stakeholders at large, which are preserved in regular fillings of all mandatory reports.”
To underscore this assertion, it added that the board of directors of the company had always been at the forefront of laying down proper and good corporate governance.
As a responsible corporate citizen, we want to assure all our stakeholders, the insuring public and the shareholders in particular that their investment is safe and intact with us,” the company added.