NAICOM Orders African Alliance to Settle Outstanding Claims

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

NAICOM in a statement yesterday said order followed increased 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 commission had recently summoned the Board of African Alliance Insurance Plc to Abuja  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. 

According to  NAICOM,  the company should expect further actions if  it  fails to address the issues within the timeline the company has been given.

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