There are strong indications that the comprehensive supplementary guidelines on regulation and operations of over N650billion Annuity Funds will soon be made public in a move to regulate the annuity market in the country.
This upcoming guidelines on Retiree Life Annuity(RLA), which has revised and updated certain grey areas in the previous guidelines, is meant to protect annuitants.
Speaking at a post-June 2025 Insurers’ Committee meeting briefing in Lagos, last week, the managing director, NSIA Insurance Limited Moruf Apampa, disclosed that the supplementary guidelines and other measures taken by the National Insurance Commission (NAICOM) are geared towards protecting annuitants and other policyholders.
Apampa, who is also a member of Communication & Stakeholder Engagement Sub-Committee, Insurers Committee, said: “NAICOM has brought out a supplementary guideline on the business of annuity to build further confidence in the market. The insurance industry regulator 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 occurs. These guidelines will be released soon. 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 regulator, he added, is also working on cyber risk guidelines as NAICOM and operators are now fully committed to prompt settlement of genuine claims, disclosing that, the commissioner for Insurance, Olusegun Omosehin, at the Insurers’ meeting, expressed satisfaction with the level of improvement in claims payment.
Moreover, the head of Corporate Communications, NAICOM, Abba Halil, noted that, “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.”
