The National Insurance Commission (NAICOM) has disclosed plans to introduce new supplement guidelines to strengthen the retiree life annuity (RLA) funds and combat emerging cyber risks, to improve financial security for pensioners.

The disclosure was made by the Vice Chairman of the Publicity Sub-Committee of the Insurers’ Committee, Moruf Apampa, at a media chat in Lagos.
Apampa, also the managing director of NSIA Insurance, stressed that the forthcoming guidelines form part of NAICOM’s broader efforts to strengthen regulations to ensure that retirees’ funds remain secure and effectively managed. He noted that the commission was taking proactive measures to prevent insurance companies from defaulting on annuity payments.

According to him, NAICOM has created a supplementary guideline on the business of annuity to build further confidence in the market.He explained that the commission was implementing additional safeguards to ensure that annuitants receive their due monthly allowances without interruption.

He said that the commission was coming up with additional guidelines to protect annuitants with additional guidelines to ensure that they are protected.

“NAICOM is taking proactive measures to ensure that no failure occurs. The guidelines will be released soon. In addition to annuity guidelines, the commission is also working on updated policies to improve cybersecurity protections within the sector,” he said.

Apampa added that with digital transformations becoming increasingly key, NAICOM was preparing cyber risk guidelines to bolster the industry’s resilience against cyber threats. He confirmed the commission’s observation on claims payments, commending insurers for their compliance while encouraging further advancements.