The National Insurance Commission, the key regulating authority for Nigeria’s insurance sector, has directed the Board of African Alliance Insurance Plc to address and settle any outstanding client claims.
This disclosure was made in a statement issued in Abuja on Friday by NAICOM’s management, according to Nairametrics.
The commission stated that this decision was motivated by a considerable increase in complaints from annuitants and insurance claimants against the corporation.
NAICOM also directed the company’s board of directors to submit an expedient turnaround plan to address the company’s existing issues.
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 statement reads “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.”
NAICOM informed industry stakeholders that it is committed to ensuring fair treatment for all and enforcing professionalism and good conduct among its licensed businesses.
The Nigerian Exchange Limited (NGX) penalized African Alliance Insurance Plc and eight other public businesses N76.8 million for failing to file audited financial accounts after the regulation deadline.
