Saturday, July 20, 2024
25.2 C

NAICOM Orders African Alliance Insurance to Fulfill Obligations or Face Regulatory Action

The National Insurance Commission (NAICOM) has ordered African Alliance Insurance Plc to immediately fulfill its contractual obligations to its customers or face regulatory action.

A statement from NAICOM reads below:

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.



Hot this week

Stanbic IBTC Bank Partners Lagos State on Water, Sanitation Infrastructure Funding Summit

Stanbic IBTC Bank, one of Nigeria’s leading financial institutions,...

Stanbic IBTC Launches Ambitious Tree-Planting Campaign in Cross Rivers State

Stanbic IBTC Holdings, in collaboration with One Tree Planted...

PalmPay Named Among Top 250 Fintech Companies in the World by CNBC, Statista

PalmPay, a leading Africa-focused fintech platform, has been included...

AIICO’s Annuity Customers Attest to Financial Stability, Payout Hits N1.3bn Monthly 

AIICO Insurance Plc, a leading insurer in Nigeria, today...

WORLD PR DAY: APRA Advocates Ethical, Responsible Use of AI

The African Public Relations Association (APRA) has called on...


Guinea Insurance Unveils Motor Insurance Self-Service Portal

    Ademola Abidogun Managing Director/CEO Guinea Insurance Plc Guinea Insurance, a foremost...

New Bills Threaten N6.5trn Pension Assets

The Pension Fund Operators Association of Nigeria (PenOp) has...

Equities Market Suffers Dead Cat Bounce… NSE ASI Down 1.0%

The gain recorded in the Nigerian equities market yesterday,...

NCC CEO, Danbatta, Bags Vanguard’s 2022 Regulator of the Year Award

The Executive Vice Chairman and Chief Executive of the...

Vodacom Nigeria Scoops 3 Accolades at Beacon of ICT Awards

L-R; Solomon Ogufere, Commercial Director, Vodacom Business Nigeria; Ernest...

Interswitch Acquires Vanso to Boost Service Delivery

Interswitch Limited, Africa’s leading digital payments and commerce company has...



‘No Silicon Valley for Africa’

Recently, the city of Cape Town, South Africa welcomed...

Related Articles

Popular Categories