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NAICOM to African Alliance:”Settle Annuitants, Claimants Dues or Face Sanctions”

The National Insurance Commission has given marching orders to the board of the African Alliance Insurance Company to resolve and ensure settlement of outstanding claims.

The insurance sector regulator’s order follows increasingly worrisome complaints by annuitants and insurance claimants against African Alliance Insurance Plc in respect of the company’s delay and/or inability to fulfill its obligations,

The order was handed down to the company when the board honoured the Commission’s summon to its headquarters in Abuja recently.

Also, the company was directed to immediately submit a turnaround plan for addressing it’s current challenges which necessitated putting the company under the Commission’s Regulatory Order.

According to the Commission’s statement, “Given the heightened challenges, the company should expect further actions if they fail to address the issues within the timeline the company has been given.”

The Board assured the Commission that they would act on all the resolutions reached at the meeting.

The Commission also restated its determination to ensure fair treatment of all stakeholders, enforce professionalism and good conduct amongst its licensed operators.

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