Following an escalation in grievances from annuitants and insurance claimants regarding delayed or unfulfilled obligations by African Alliance Insurance Plc, the National Insurance Commission (NAICOM) has intervened by issuing directives for prompt resolution of outstanding claims.

In a recent development, the Commission summoned the Board of African Alliance Insurance Plc to its headquarters in Abuja, instructing them to prioritize the settlement of pending payments owed to annuitants and claimants. Additionally, the company’s Board of Directors was mandated to submit a comprehensive turnaround plan aimed at addressing the current operational challenges that prompted NAICOM to place regulatory oversight on the company.

The Commission emphasized that failure to address these issues within the stipulated timeline could lead to further regulatory actions against African Alliance Insurance Plc. The Board of the company reportedly assured NAICOM of their commitment to implement all resolutions agreed upon during the meeting.

NAICOM reiterated its commitment to ensuring equitable treatment of all stakeholders and upholding standards of professionalism and ethical conduct within the insurance industry.

Efforts to obtain a response from African Alliance Insurance Plc regarding these developments were unsuccessful at the time of reporting, as calls and emails remained unanswered.

The regulatory intervention underscores NAICOM’s proactive approach to safeguarding the interests of policyholders and maintaining stability within the insurance sector amidst challenges faced by operators.