The National Insurance Commission will be issuing supplementary guidelines on annuity business in Nigeria. This was disclosed by Moruf Apampa, the Vice Chairman, Subcommittee, Communication and Stakeholder Engagement of the Insurers Committee at its 18th meeting on Wednesday.
Earlier in the year, NAICOM issued fresh regulations on annuity business with effect from February 1, 2025, in a bid to sanitise that segment of the market.
Speaking on Wednesday, Apampa said, “NAICOM has brought out a supplementary guideline again on the business of annuity. We’re all aware of what has happened in the last couple of months, and also to forestall that to build further confidence in the market.
“So NAICOM is coming up with additional guidelines to ensure that annuitants are adequately protected. We know the existing guidelines are currently running.
“NAICOM will take proactive measures to ensure that no company goes under or annuitants are not paid their normal monthly allowance. This is being guided against. NAICOM has come up with additional guidelines to ensure failure will never happen in that sector again, and I think this is very critical.”
