The National Insurance Commission (NAICOM) is set to punish African Alliance Insurance Plc for gross misconducts if it fails to amend its ways and stick to fulfillment of professional obligations.
In the first instance, NAICOM has summoned the Board of African Alliance Insurance Plc to its office in Abuja, and ordered it to attend to the barrage of complaints levelled against the company by its policy holders, immediately.
NAICOM further threatened that “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.”
Though, NAICOM did not specifically disclose the timeframe given to the Board of African Alliance Insurance.
NAICOM management disclosed this in a statement made available to Journalists on Friday morning.
The complaints bothers on 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.
Also, NAICOM directed the Board 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.
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, the National Insurance Commission has given marching orders to the company to resolve and ensure settlement of outstanding claims.
The Commission had 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.
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