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Chuks Udo Okonta
Default in payment of annuity by troubled insurance companies is presently causing an anxiety in the National Insurance Commission (NAICOM) and National Pension Commission (PenCom) Inspenonline can report.
It was gathered that the two regulators have being meetings to find lasting solutions to the problem that has left many annuitants in pains, as they now live with three months unpaid benefits.
One of the affected annuitants told this medium that their monthly retirement benefits have not been paid since May this year.
He noted that annuitants with African Alliance Insurance Plc are presently passing through difficult times as they have remained unpaid for three months amid the tough economic situation.
He implored NAICOM and PenCom to intensify efforts in ensuring that their plights are addressed.
According to him, annuitants have been warning up for protest, stating that all efforts made by annuitants to ensure the company lives up to its responsibilities have yielded little or no results.
Following increased complaints by annuitants and insurance claimants against African Alliance Insurance Plc in respect of the company’s delay and/or inability to fulfill its obligations, the National Insurance Commission (NAICOM) gave a marching orders to the company to resolve and ensure settlement of outstanding claims.
NAICOM summoned the Board of African Alliance Insurance Plc to its headquarters in Abuja and ordered the company to settle outstanding payments due to annuitants and claimants. In addition, the Board of Directors of the company was 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, the company should expect further actions if they fail to address the issues within the timeline the company has been given.
The Board assured the Commission that they would act on all the resolutions reached at the meeting.
The Commission wishes to restate its determination to ensure fair treatment of all stakeholders, enforce professionalism and good conduct amongst its licensed operators.
Annuitants expressed worries that months after the mandate by NAICOM to the firm there is no improvement, as the have continued to wait for payment of their benefits.
