The National Insurance Commission (NIC) says it will investigate operations of Regency Alliance Insurance Limited.

This follows Joy News' revelations of irregular transactions by some top managers of the company.

The investigations revealed that cheques signed by the Managing Director of the Company, Bode Oseni and the Chief Finance Officer, Michael Ofori-Koree, were cashed by the two men themselves.

Companies and individuals in whose names the cheques were written, denied ever making any claims and receiving any payments from the insurance company.

The Finance Manger of Dangote Cement, one of the companies in whose name two cheques were written in April this year, Tunde Iddris, said, "Regency Alliance Insurance is our new insurer and we have not made any claim. We have only paid them this year for the insurance of our plants and other things they did for us taken over from IEI, ever since we've not got anything from them and there's no reason why we should because there is no claim".

Deputy Commissioner of Insurance at the NIC, Nero Davor says steps are being taken to investigate the issue.

“To write a cheque in the name of a limited liability company and then cancel the name and then put cash there and proceed to go to cash over the counter is something I consider very irregular.

“Because of that we as regulators of the insurance industry have started having discussions with the regulators of the banking industry because banking practices does not permit such alterations and payment of cash over the counter up to such magnitude”, he said.

He said the insurance commission has alerted the Bank of Ghana (BoG) to also look into banking irregularities revealed by the report.

“Regulators for both the insurance and banking sector are coordinating efforts to make sure that we unravel all the mysteries behind this development”.