The National Insurance Commission (NAICOM) recently dissolved the board and management of African Alliance Insurance due to unresolved issues, including unpaid claims and challenges with annuity management. This regulatory action underscores NAICOM’s commitment to enforcing accountability and financial stability within Nigeria’s insurance sector.
African Alliance Insurance reportedly faced mounting difficulties in meeting its obligations, especially with respect to unpaid claims, which compromised customer confidence and trust. The move by NAICOM aims to protect policyholders’ interests and ensure the company’s operations align with industry standards. An interim board and management are expected to oversee African Alliance Insurance, addressing these financial and operational concerns while working to restore stability and compliance.
