The National Insurance Commission (NAICOM) has instructed the Board of African Alliance Insurance Plc to settle the outstanding claims of their customers.
This directive, issued by NAICOM’s management in Abuja on Friday, follows a surge in complaints from annuitants and insurance claimants regarding the company’s failure to meet its obligations.
NAICOM also mandated the board of directors to submit an immediate turnaround plan to address the company’s current challenges. The commission warned that it would take further regulatory actions if the issues were not resolved within the stipulated grace period.
The commission has placed the company under its Regulatory Order (RO).
“Following increased complaints by annuitants and insurance claimants against African Alliance Insurance Plc concerning the company’s delay and/or inability to fulfill its obligations, NAICOM has issued a directive. The order is for the company to resolve and ensure settlement of outstanding claims,” NAICOM stated.
“Given the heightened challenges, the company should expect further actions if they fail to address the issues within the timeline given,” it added.
NAICOM reassured stakeholders of its commitment to ensuring fair treatment, enforcing professionalism, and maintaining good conduct among its licensed operators.
