Settle customers’ outstanding claims or face the music, NAICOM directs African Alliance
Omeiza Bilal with agency Report
The National Insurance Commission (NAICOM) has directed the Board of African Alliance Insurance Plc to settle outstanding claims of their customers.
In a statement by its management Friday in Abuja, the regulator said the directive became necessary due to increasing complaints by annuitants and insurance claimants against the company.
NAICOM said it also directed the board of directors of the company to immediately submit a turnaround plan for addressing the challenges currently faced by the company.
The commission said it would take further regulatory actions against the company if it failed to resolve the challenges within the stipulated grace period given them.
The commission said it had put the company under its Regulatory Order (RO).
”Following 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, NAICOM has given marching orders to the company.
”The order is for the company to resolve and ensure settlement of outstanding claims.
”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,” it said.
NAICOM reassured stakeholders in the sector of its commitment to ensure fair treatment for all, enforce professionalism and good conduct among its licensed operators.
