BY NKECHI NAECHE-ESEZOBOR—In a bid to enshrine best practices in the management of annuity portfolios by life insurance companies and also protect annuitants, the National Insurance Commission (NAICOM), has concluded plans to introduce a supplementary guidelines for annuity business.
This was disclosed by Moruf Apampa, a member of the Communication & Stakeholder Engagement Sub-Committee, Insurers Committee at a press briefing after the June edition of Insurers’ Committee meeting in Lagos.
He said the supplementary guidelines aimed at protecting annuitants, policyholders and the industry at large.
He also disclosed that the commission is in the process of introducing insurtech and cyber risk guidelines to meet the current realities.
On backlog of outstanding claims, he said “NAICOM and operators are fully committed to prompt settlement of genuine claims”
He noted that the Commissioner for Insurance Olusegun Omosehin who led the meeting said he has seen significant improvement in the area of claims payment and encouraged the industry to improve on it.
On enforcement of third party motor insurance, he said “ the commission is also streamlining the process of claims payment on third party motor insurance and a circular on this was recently sent to operators regarding claims payment.”
On Solvency he said at the end of first quarter of 2025 almost all companies have submitted their reports to the commission before the deadline.
