Legal Nigeria

NAICOM directs insurance company to settle customers’ outstanding claims

The National Insurance Commission (NAICOM) has directed the Board of African Alliance Insurance Plc to settle outstanding claims of their customers.

NAICOM gave the order in Abuja on Friday through its management.

The commission said the directive was due to increased complaints by annuitants and insurance claimants against the company.

NAICOM said it also directed the board of directors of the company to immediately submit a turnaround plan for addressing the challenges currently faced by the company.

The commission said it would take further regulatory actions against the company if it failed to resolve the challenges within the stipulated grace period given them.

The commission said it had put the company under its Regulatory Order (RO).

”Following increased complaints by annuitants and insurance claimants against African Alliance Insurance Plc in respect of the company’s delay and/or inability to fulfil its obligations, NAICOM has given marching orders to the company.

”The order is for the company to resolve and ensure settlement of outstanding claims.

”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, ”it said.

NAICOM reassured stakeholders in the sector of its commitment to ensure fair treatment for all, enforce professionalism and good conduct among its licensed operators.

Source: NAN