The National Insurance Commission (NAICOM) has ordered African Alliance Insurance Plc to resolve and ensure the settlement of outstanding claims and submit turnaround plans to the commission.

This is following complaints by annuitants and insurance claimants against the insurance company in respect of the company’s delay /or inability to fulfill its obligations.

The commission had earlier summoned the Board of African Alliance Insurance Plc to its headquarters in Abuja recently and ordered the company to settle outstanding payments due to complaints from their customers.

In addition, the Board of Directors of the company was equally 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, NAICOM said the company should expect further actions if they fail to address the issues within the timeline the company has been given.

While the company assured the commission that they would act on all the resolutions reached at the meeting, NAICOM restated its determination to ensure fair treatment of all stakeholders, and reinforce professionalism and good conduct amongst its licensed operators.