BY NKECHI NAECHE- ESEZOBOR–The National Pension Commission, PenCom, on Thursday said it has banned African Alliance Insurance Plc from selling annuity business to retirees.
The Director General Ms. Omolola Oloworaran, disclosed this at a one-day workshop with Pension journalists in lagos, stating that the decision would remain until the Commission is sure the underwriter is ready for the business.
She also disclosed that all pending backlogged owned to annuitants by the company have been paid and those that were not paid in November were paid in December.
The National Insurance Commission (NAICOM), had in October sacked the Board and Management of African Alliance Insurance Plc, following years of insolvency and failure to meet the obligations of annuitants.
The Commission, as the primary regulator of the Insurance Sector, and in the exercise of its regulatory powers, announced that it has taken over the Board and Management of African Alliance Insurance Plc, effective today, Wednesday, 30 October, 2024.
This decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.”
The Commission has therefore appointed an Interim Management Board to manage the affairs of African Alliance Insurance Plc.
