The Nationwide Insurance coverage Fee (NAICOM) has introduced plans to introduce supplementary tips geared toward safeguarding Retiree Life Annuity (RLA) funds and addressing cyber dangers, guaranteeing higher monetary safety for pensioners.
The disclosure was made by Moruf Apampa, Vice Chairman of the Publicity Sub-Committee of the Insurers’ Committee and Managing Director of NSIA Insurance coverage, throughout a press convention in Lagos following the June 2025 Insurers’ Committee assembly.
Apampa highlighted that the forthcoming tips type a part of NAICOM’s broader efforts to strengthen rules, guaranteeing that retirees’ funds stay safe and successfully managed.
Strengthening Annuity Laws
He emphasised that the fee is taking proactive measures to stop insurance coverage corporations from defaulting on annuity funds.
“NAICOM has introduced out a supplementary guideline on the enterprise of annuity to construct additional confidence available in the market,” Apampa said.
He additional defined that the fee is implementing extra safeguards to make sure that annuitants obtain their due month-to-month allowances with out danger of interruption.
“NAICOM is developing with extra tips to make sure that annuitants are literally protected,” he added. “The fee is taking proactive measures to make sure that no firm goes beneath, or annuitants should not paid their regular month-to-month allowance. That is to make sure no failure happens. These tips shall be launched quickly.”
Enhancing Cyber Threat Safety and Simplifying Claims Course of
Along with annuity tips, NAICOM can also be engaged on up to date insurance policies to enhance cybersecurity protections throughout the insurance coverage sector. Apampa famous that with digital transactions turning into more and more very important, NAICOM is making ready cyber danger tips to bolster the trade’s resilience towards cyber threats.
“NAICOM is developing with new tips that can help the initiative of the federal government in enhancing the financial system, one among which is the market tips,” Apampa mentioned.
He additional identified that NAICOM has noticed important enhancements in claims funds, commending insurers for his or her compliance whereas encouraging additional developments.
“The fee has seen important enchancment in claims funds and has counseled the trade, advising on additional enchancment,” he famous.
“On solvency compliance, NAICOM additionally counseled insurers who’re noticed to be in tune with the rules, and hopefully, there shall be important enchancment within the trade’s second quarter report.”
Regulatory Changes to Preserve Up With Trade Dynamics
Offering extra readability on the upcoming tips, Head of Company Affairs at NAICOM, Mr. Abba Halil, defined that these are revised tips, not totally new insurance policies. He pressured that insurance coverage rules have to evolve to deal with altering market circumstances and rising dangers.
“It is a revised guideline that’s being put in place in view of the truth that regulation is dynamic,” Halil said. “As conditions throughout the trade change, there’s a have to make sure choices. So, NAICOM shouldn’t be citing new tips however a set of revised tips through which enhancements have been made.”
The Insurers’ Committee, which incorporates trade executives and NAICOM officers, continues to function a collaborative platform for coverage improvement, regulatory enhancements, and sectoral progress methods.
Boosting Confidence in Nigeria’s Insurance coverage Trade
The upcoming launch of those up to date regulatory tips indicators NAICOM’s dedication to strengthening monetary safety for retirees and guaranteeing insurers adjust to solvency and fee rules.
By addressing cyber dangers and claims documentation challenges, the fee goals to enhance shopper confidence within the trade, reinforce policyholder rights, and help the federal government’s broader financial initiatives.
With these efforts, NAICOM is positioning the Nigerian insurance coverage trade for higher effectivity, transparency, and long-term stability in annuity administration and cybersecurity compliance.
What it’s best to know
Final month, NAICOM emphasised the significance of long-term monetary planning and danger administration in guaranteeing a steady and safe retirement.
- Talking on the 2025 version of the Inspenonline Retirement Summit in Lagos, NAICOM Chief Government Officer, Olusegun Omosehin, highlighted the necessity for proactive retirement financial savings and funding methods.
- He pressured that people should prioritize long-term monetary planning to mitigate challenges related to inflation, market volatility, and demographic shifts.
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