The regulator alarm has been set off by claims and annuity default by African Alliance. This closely follows the series of actions by the National Insurance Commission to weigh in on African Alliance Insurance Plc to fulfil its obligations to pay annuitants and settle claims without corresponding action. Consequently, the Commission has given marching orders to the company to resolve and ensure settlement of outstanding claims and pay annuitants.
The Commission noted in a statement that it has been inundated with 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.
Spurred by these complaints the Commission summoned the Board of African Alliance Insurance Plc to its headquarters in Abuja recently and ordered the company to settle outstanding payments due to annuitants and claimants. In addition, 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. 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.
The Board assured the Commission that they would act on all the resolutions reached at the meeting. The Commission wishes to restate its determination to ensure fair treatment of all stakeholders, enforce professionalism and good conduct amongst its licensed operators.
