Ebere Nwoji

The National Insurance Commission (NAICOM), over the weekend, issued stern warning of imminent regulatory punitive measures against 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, a life insurance underwriter to its office in Abuja, and ordered it to attend to the barrage of complaints leveled against the company by its policyholders, immediately.

NAICOM disclosed this in a statement threatening, “Given the heightened challenges, the company should expect further actions if it fails to address the issues within the timeline the company has been given.”

However, NAICOM did not specifically disclose the timeframe given to the board of African Alliance Insurance.

It was learnt that 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 made NAICOM to act.

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.”

NAICOM 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,” it stated.

The commission said given the heightened challenges, the company should expect further actions if it fails to address the issues within the timeline the company has been given.

It was learn that the board of African Alliance Insurance has assured the commission that it would act on all the resolutions reached at the meeting.

NAICOM said it wishes to restate its determination to ensure fair treatment of all stakeholders, enforce professionalism and good conduct amongst its licensed operators.