NAICOM Gives Ultimatum To African Alliance To Pay Outstanding Claims, Submit Turnaround Plan

By Sola Alabadan

The National Insurance Commission (NAICOM) has issued an ultimatum to the Board of African Alliance Insurance Plc to settle all outstanding payments due to annuitants and claimants or risk being sanctioned by the regulatory body.
The commission had summoned the board of African Alliance to its headquarters in Abuja recently to start being alive to its responsibilities, in the interest of all stakeholders.
This followed increased complaints by annuitants and insurance claimants against African Alliance in respect of the company’s inability to fulfill its obligations to the policyholders.
Apart from ordering the insurance company to pay all outstanding claims urgently, 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 further warned that “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.”
Meanwhile, the management of NAICOM said that the Board of African Alliance 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.