By Taiye Olayemi
The National Insurance Commission (NAICOM) says it will soon release supplementary guidelines aimed at further securing Retiree Life Annuity (RLA) funds, to provide greater protection for annuitants.
Mr Moruf Apampa, a member of the Communication and Stakeholder Engagement Sub-Committee of the Insurers’ Committee, made this known on Wednesday at a news conference held after the June 2025 Insurers’ Committee meeting in Lagos.
Apampa, who is also the Managing Director of NSIA Insurance Ltd., said the forthcoming guidelines were part of NAICOM’s broader efforts to enhance the regulatory environment and ensure that funds dedicated to retirees were properly safeguarded.
He added that the supplementary regulations would further reinforce public trust in the insurance sector and demonstrate NAICOM’s resolve to uphold the rights of retirees and policyholders.
“NAICOM has brought out a supplementary guideline on the business of annuity to build further confidence in the market.
“NAICOM is coming up with additional guidelines to ensure that annuitants are actually protected.
“The commission is taking proactive measures to ensure that no company goes under or annuitants are not paid their normal monthly allowance.
“This is to ensure no failure recurs. These guidelines will be released soon,” he said.
Apampa noted that NAICOM was also looking into simplifying claims documentation and payment processes to enhance customer experience.
According to him, the commission is also working on repositioning the insurance industry, which includes developing guidelines on cyber risk.
He said, “NAICOM is coming up with new guidelines that will support the initiative of the government in improving the economy, one of which is the market guidelines.
“The commission has seen significant improvement in claims payments and has commended the industry, advising on further improvement.
“On solvency compliance, NAICOM also commended insurers who are observed to be in tune with the regulations, and hopefully, there will be significant improvement in the industry’s second quarter report.”
Explaining further on the supplementary guidelines, Mr Abba Halil, Head of Corporate Affairs at NAICOM, said, “This is a revised guideline that is being put in place in view of the fact that regulation is dynamic.
“As situations within the industry change, there is need to make certain decisions. So, NAICOM is not bringing up new guidelines but a set of revised guidelines in which improvements have been made.”
The committee comprises insurance industry executives and NAICOM officials, and serves as a platform for collaboration and policy dialogue aimed at sectoral growth.(NAN) (www.nannews.ng)
Edited by Olawunmi Ashafa
