NAICOM directs insurance firms to pay customers’ outstanding claims
The National Insurance Commission (NAICOM) has directed the Board of African Alliance Insurance Plc to settle their customers’ outstanding claims.
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 also directed the company’s board of directors to immediately submit a turnaround plan to address 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.
”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 and enforce professionalism and good conduct among its licensed operators.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
FRSC inaugurates special intervention patrol, unveils 12 code-named operations
The FRSC said the operations aim to reduce road traffic crashes, save lives, and make Nigerian roads safer.
Health
Childhood seizures are medical conditions, not spiritual attacks: Paediatrician
He said seizures result from abnormal electrical activity in the brain and could manifest as jerky or stretching movements.
Heading 2
Oyo mandates birth certificates, NIN for school enrolment
Ms Bamidele said the policy is being implemented in collaboration with the National Identity Management Commission (NIMC).
States
ADC reaffirms confidence in Adamawa governorship candidate
Adamawa ADC passed d a vote of confidence in its governorship candidate, Omar Suleiman, ahead of 2027.
Heading 1
APC panicky, confused ahead of APC panicky, confused ahead of 2027 elections; opposition parties getting stronger: Onovo
Mr Onovo said the opposition was ahead of the ruling party despite the crisis over their candidacies on various political platforms.
NationWide
Troops rescue seven kidnap victims, kill two kidnappers
The troops also recovered arms, ammunition and other items in coordinated operations across Borno, Yobe, Benue and Plateau states.
