The National Insurance Commission has transferred operational control of African Alliance Insurance Plc to a newly constituted Board nominated by the company’s shareholders.

The commissioner for insurance and CEO of NAICOM, Olusegun Omosehin, noted this in a statement issued on Tuesday in Abuja.

Mr Omosehin highlighted the transformative impact of the newly enacted Nigerian Insurance Industry Reform Act 2025.

He noted that the legislation strengthens regulatory oversight, enhances public confidence, and supports deeper insurance penetration in Nigeria.

Mr Omosehin charged the newly constituted board of directors to work collaboratively with shareholders.

He also urged them to uphold the highest standards of corporate governance, regulatory compliance, and operational transparency.

He stressed the importance of sustaining policyholder confidence through prompt claims settlement, sound solvency management, and prudent business practices.

Mr Omosehin directed the board to strengthen corporate governance structures, restructure portfolios, update and reconcile policyholder records, and reinforce transparency and accountability.

The statement also quoted Haruna Mustapha, the chairman of the outgone interim management board, as assuring stakeholders that the new board would build on the progress achieved.

He also promised to sustain a culture of regulatory compliance, sound risk management, and strong corporate governance.

(NAN)