NAICOM Annuity Guidelines are set to be introduced as the National Insurance Commission (NAICOM) announced plans to roll out supplementary regulations aimed at safeguarding Retiree Life Annuity (RLA) funds and addressing the growing threat of cyber risks.
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This initiative is designed to ensure greater financial protection for Nigerian pensioners.
At a press conference in Lagos following the June 2025 Insurers’ Committee meeting, Vice Chairman of the Publicity Sub-Committee of the Insurers’ Committee, Moruf Apampa highlighted that the forthcoming guidelines are an integral part of NAICOM’s broader efforts to strengthen existing regulations, ensuring that retirees’ funds remain secure and are managed effectively.
Apampa, who is also Managing Director of NSIA Insurance, emphasised that the commission is taking proactive measures to prevent insurance companies from defaulting on annuity payments.
‘NAICOM has brought out a supplementary guideline on the business of annuity to build further confidence in the market’, he stated.
He further explained that the commission is implementing additional safeguards to ensure that annuitants receive their due monthly allowances without any risk of interruption.
He further said: ‘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 occurs. These guidelines will be released soon’.
In addition to the annuity guidelines, NAICOM is also actively working on updated policies to improve cybersecurity protections within the insurance sector.
Apampa noted that with digital transactions becoming increasingly vital, NAICOM is preparing robust cyber risk guidelines to bolster the industry’s resilience against cyber threats.
‘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’, he said.
He also pointed out that NAICOM has observed significant improvements in claims payments, commending insurers for their compliance while encouraging further advancements.
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‘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’, Apampa explained.
Providing additional clarity on the upcoming guidelines, Head of Corporate Affairs at NAICOM, Mr. Abba Halil explained that these are revised guidelines, rather than entirely new policies.
He stressed that insurance regulations inherently need to evolve to address changing market conditions and emerging risks.
He further 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 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 Insurers’ Committee, which comprises industry executives and NAICOM officials, continues to serve as a collaborative platform for policy development, regulatory enhancements, and sectoral growth strategies.
The imminent release of these updated regulatory guidelines signals NAICOM’s unwavering commitment to strengthening financial security for retirees and ensuring insurers’ compliance with solvency and payment regulations.
By comprehensively addressing cyber risks and streamlining claims documentation challenges, the commission aims to significantly improve consumer confidence in the industry, reinforce policyholder rights, and actively support the government’s broader economic initiatives.
Through these concerted efforts, NAICOM is strategically positioning the Nigerian insurance industry for greater efficiency, transparency, and long term stability in both annuity management and cybersecurity compliance.
Last month, NAICOM emphasised the importance of long term financial planning and risk management in ensuring a stable and secure retirement.
At the 2025 edition of the Inspenonline Retirement Summit in Lagos, NAICOM Chief Executive Officer, Olusegun Omosehin, highlighted the need for proactive retirement savings and investment strategies.
He stressed that individuals must prioritise long term financial planning to mitigate challenges associated with inflation, market volatility, and demographic shifts.
