All Outstanding Claims: NAICOM and African Alliance Insurance Work Towards Settlement

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Amid mounting complaints from annuitants and insurance claimants against African Alliance Insurance Plc over significant delays and failures in meeting its obligations, the National Insurance Commission (NAICOM) has taken decisive action. NAICOM recently summoned the Board of African Alliance Insurance Plc to its headquarters in Abuja and issued a directive for the company to promptly resolve and settle all outstanding claims.
The directive includes instructions for African Alliance Insurance Plc to expedite payments owed to annuitants and claimants. In response, the Board of Directors has been mandated to submit a turnaround plan immediately to address the underlying challenges that necessitated NAICOM’s regulatory intervention.
NAICOM has emphasized the urgency of the situation, warning of further regulatory actions if the company fails to resolve these issues within the specified timeframe. The Board of African Alliance Insurance Plc has assured NAICOM of its commitment to implementing all resolutions agreed upon during the meeting.
In reaffirming its commitment to fairness and professionalism within the insurance industry, NAICOM has reiterated its determination to ensure that all stakeholders receive equitable treatment. The commission also underscored its ongoing efforts to uphold high standards of conduct among all licensed operators in the sector.

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