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Chuks Udo Okonta
The National Insurance Commission (NAICOM) has said one of the mandates given to the newly constituted interim board and management of African Alliance Insurance Plc is to open the firm’s annuity portfolio for acquisition.
The Commissioner for Insurance Olusegun Omosehin, said this at a press conference in Lagos, adding that NAICOM would be happy seeing a company willing to acquire the portfolio.
He noted that determining the firm’s assets and liabilities would enable companies furnish their interest for acquisition.
The CFI submitted that NAICOM is highly committed to protection of the firm’s policyholders.
He maintained that the appointed interim board and Management also have the mandate to within the one year turn around period of the ailing firm, ring fence the annuity portfolio, transfer the fund to a Pension Fund Custodian (PFC) to ensure continuous payment to annuitants.
According to him, the interim board and management have been mandated to conduct an actuarial evaluation to ascertain the true assets and liabilities of the firm.
He submitted that the interim board and management would also do a quick assessment of the firm’s available assets and seek how they can quickly convert the assets to liquidity, paving the way for settlements of outstanding liabilities.
According to him, the prospect of the assets being converted to liquidity is high as most of the assets are very lucrative.
