By JEFF ADE

In response to growing complaints by annuitants and insurance claimants against African Alliance Insurance Plc on the companys delay and/or inability to fulfil its obligations, the apex industry regulator, National Insurance Commission (NAICOM), has given marching orders to the companys Board to resolve and ensure settlement of outstanding claims.

It was gathered that the Commission recently summoned the Board of African Alliance Insurance Plc to its headquarters in Abuja and ordered the underwriter to settle outstanding payments due to annuitants and claimants without further delay. 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 it under the Commissions Regulatory Order. Given the heightened challenges, the company should expect further actions if they fail to address the issues within the timeline it has been given, NAICOM said.

The Board assured the Commission that they would act on all the resolutions reached at the meeting, while the Commission restated its determination to ensure fair treatment of all stakeholders, enforce professionalism and good conduct among its licensed operators.