Harboursandport.com: Lagos - The National Insurance Commission (NAICOM) has ordered African Alliance Insurance Plc to resolve and ensure settlement of outstanding claims as well as submit turnaround plans to the commission.
This is
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.
The commission had earlier 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.
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Olusegun Omosehin, Commissioner For Insurance |
In addition,
the Board of Directors of the company was equally 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, NAICOM said the company should expect further actions if
they fail to address the issues within the timeline the company has been given.
While the
company assured the commission that they would act on all the resolutions
reached at the meeting, NAICOM restated its determination to ensure fair
treatment of all stakeholders, reinforces professionalism and good conduct
amongst its licensed operators.
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