Lagos: The National Insurance Commission (NAICOM) says it will soon release supplementary guidelines to further secure Retiree Life Annuity (RLA) funds and 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, 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 safeguarded correctly.
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 annuity business to build further confidence in the market.
“NAICOM is developing additional guidelines to ensure that annuitants are protected.
“The commission is taking proactive measures to ensure that no company goes under or annuitants are not paid their regular monthly allowance.
“This is to ensure no failure recurs. These guidelines will be released soon,” he said.
Apampa noted that NAICOM also considered simplifying claims documentation and payment processes to enhance customer experience.
According to him, the commission is also working on repositioning the insurance industry, including developing cyber risk guidelines.
He said, “NAICOM is developing new guidelines to support the government’s initiative to improve 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 progress.
“On solvency compliance, NAICOM also commended insurers who are observed to be in tune with the regulations, and hopefully, there will be a significant improvement in the industry’s second-quarter report.”
Further explaining the supplementary guidelines, Mr Abba Halil, Head of Corporate Affairs at NAICOM, said, “This is a revised guideline that is being put in place because regulation is dynamic.
“As situations within the industry change, there is a 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 for sectoral growth.
