NAICOM sacks African Alliance Insurance Board
NAICOM
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The regulatory body of Nigeria’s insurance industry, the National Insurance Commission (NAICOM), has sacked the board of African Alliance Insurance Plc.
The Commissioner for Insurance, Mr Olusegun Omosehin, disclosed this during a press briefing in Lagos today, Wednesday.
Omosehin, who noted that the move was necessary to protect the policyholders,announced that an interim board has been appointed to oversee operations in the company.
He noted that the interim board has a first term of six months to turnaround the company, but that the intervention period may be extended based on developments in the company.
“We have to take this decision to protect the Nigerian public,” Omosehin said.
It would be recalled that in July, following increased complaints by annuitants and insurance claimants against African Alliance Insurance in respect of the company’s delay and/or inability to fulfill its obligations, NAICOM gave marching orders to the company to resolve and ensure settlement of outstanding claims.
However, pending complaints which were not resolved led to the regulatory intervention.
