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NAICOM goes tough on insurance firms, gives matching orders to African Alliance Insurance on payment of annuitants

As a sign of what is to come, the new managers at the National Insurance Commission (NAICOM) led by the Commissioner for Insurance Mr Olusegun Omosehin has started a clamp down on erring insurance companies in an effort to beat the insurance industry into line. NAICOM said that it will not tolerate situations where companies renege in their contractual obligations with emphasis on claims payment.

To set the tone, NAICOM has ordered African Alliance Insurance Plc to urgently resolve all outstanding issues which must have hindered the payment of its annuitants.

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 where it  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 was told of the intentions of the commission to take further actions if it fail to address the issues within the timeline given to it.

The board  of African Alliance Insurance assured the Commission that they would act on all the resolutions reached at the meeting even as NAICOM restated its determination to ensure fair treatment of all stakeholders, enforce professionalism and good conduct amongst its licensed operators.

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