NAICOM Orders African Alliance Insurance To Settle Outstanding Claims
By Sunday Etuka, Abuja
The National Insurance Commission (NAICOM) has given marching orders to the African Alliance Insurance Plc to resolve and ensure settlement of outstanding claims.
This follows the overwhelming complaints by annuitants and insurance claimants against the company for its delay and/or inability to fulfill its obligations.
NAICOM had summoned the Board of African Alliance Insurance Plc 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 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.
NAICOM said, 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 the company would act on all the resolutions reached at the meeting.
However, NAICOM reaffirmed its determination to ensure fair treatment of all stakeholders, enforce professionalism and good conduct amongst its licensed operators.
