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NAICOM orders African Alliance to settle outstanding claims, submits turnaround plans

NAICOM orders African Alliance to settle outstanding claims, submits turnaround plans

The National Insurance Commission (NAICOM) has ordered African Alliance Insurance Plc to resolve and ensure the settlement of outstanding claims as well as submit turnaround plans to the commission.

This is following increased complaints by annuitants and insurance claimants against African Alliance Insurance Plc in respect of the company’s delay and/or inability to fulfil its obligations.

The commission had earlier summoned the Board of African Alliance Insurance to its headquarters in Abuja recently and ordered the company to settle outstanding payments due to annuitants and claimants.

In addition, the Board of Directors of the company was equally directed to immediately submit a turnaround plan for addressing the challenges currently faced by the company, which necessitated putting the company under the Commission’s Regulatory Order.

Read also: NAICOM targets long-term savings for economic growth

Given the heightened challenges, NAICOM said the company should expect further actions if they fail to address the issues within the timeline the company has been given.

While the company assured the commission that they would act on all the resolutions reached at the meeting, NAICOM restated its determination to ensure fair treatment of all stakeholders, reinforce professionalism and good conduct amongst its licensed operators.