The National Insurance Commission (NAICOM) has taken decisive action against African Alliance Insurance Plc, ordering the company to resolve outstanding claims and submit turnaround plans to address operational challenges.
Following an increase in complaints from annuitants and insurance claimants regarding delays in payment, NAICOM summoned the Board of African Alliance Insurance to its Abuja headquarters. During the meeting, the commission directed the company to promptly settle outstanding obligations to annuitants and claimants.
Additionally, the Board of Directors of African Alliance Insurance was instructed to submit a comprehensive turnaround plan to NAICOM. This plan is aimed at addressing the company’s current operational difficulties, which prompted NAICOM to place the company under a Regulatory Order.
NAICOM emphasized that further actions would follow if African Alliance Insurance fails to resolve these issues within the specified timeline. Despite assurances from the company to comply with NAICOM’s directives, the commission reiterated its commitment to ensuring equitable treatment of all stakeholders and promoting professionalism and ethical conduct among its licensed operators.
