Mr. O.S. Thomas
Commissioner for Insurance
The National Insurance Commission (NAICOM) and the National Pension Commission (PenCom) in an epoch-making ceremony held in Abuja on September 1, 2020, signed off the Revised Regulation on Retiree Life Annuity, the Guidelines on Group Life Insurance Policy for Employees and CPS Retiree Pack. The event also included the signing of a Memorandum of Understanding between PenCom and NAICOM.
The revised Regulations and Guidelines provide clarity on the Provisions of the PRA 2014 in areas relating to Retiree Life Annuity with focus on guiding stakeholders to make informed decision, ensure safety of Retiree Life Annuity funds and assets, address concerns of mis-selling and de-marketing by pension and insurance operators as well as bringing stability into the financial sector of the economy.
The landmark event was the outcome of the collaborative efforts of PenCom and NAICOM.