Kindly leave a comment and share
Chuks Udo Okonta
There seem to be disquiet as African Alliance Insurance Plc annuitants have continued to await five months unpaid pension benefits.
Investigation by Inspenonline revealed that the National Insurance Commission (NAICOM) is combating with legacy issues within the ailing firm to enable it resolve the problem, even as annuitants feel they should be informed about the true position of the company as regards settling the outstanding and sustaining future payments.
One of the affected annuitants, Gbadebo Olatokunbo, on the plight of annuitants, said: “We really need help, because African Alliance Insurance name is missing on the list of companies that have submitted their accounts to NAICOM.
“Our fears have been vindicated, as African Alliance has refused to pay one kobo to us her annuitants from May-September 2024 and we respectfully appeal to the Media to please see reason in our fears/plights and come to our assistance on these failed contracts with AAI.”
“Many, if not all our members have no other means,than this little monthly payment and the stoppage has been creating untold hardship on several members,” he said.
An insurance and pension expert Koka Peter, said remittance of Retiree Life Annuity (RLA) was stopped in 2017 over the fear of the pain associated with broken promises as is happening with African Alliance now, stating that Life insurers were asked to open custody accounts with Pension Funds Custodians or forget the business.
According to him, it took months and years of negotiations before the operators agreed to open custody accounts with PFCs and that only life insurers underwriting RLA can count the cost of that action.
“RLA is jointly regulated by NAICOM and PenCom. In essence, NAICOM does not have all the luxury of time that some of us are trying to give it as the joint Regulator may not be that patient.
“Group Life Insurance Programme (GLIP) for employees is jointly regulated too. It is a major income earner for the insurance industry today because PenCom has been magnanimously enforcing it religiously even with little or nothing to gain from the business.
“Other life insurers not underwriting RLA need to show concern too because if push comes to shove, this line of business may be affected too,” he submitted.
