The National Insurance Commission (NAICOM) has announced plans to introduce supplementary guidelines aimed at safeguarding Retiree Life Annuity (RLA) funds and addressing cyber risks, ensuring greater financial protection for pensioners.
The disclosure was made by Moruf Apampa, Vice Chairman of the Publicity Sub-Committee of the Insurers’ Committee and Managing Director of NSIA Insurance, during a press conference in Lagos following the June 2025 Insurers’ Committee meeting.
Apampa highlighted that the forthcoming guidelines form part of NAICOM’s broader efforts to strengthen regulations, ensuring that retirees’ funds remain secure and effectively managed.
Strengthening Annuity Regulations
He emphasized 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,” Apampa stated.
He further explained that the commission is implementing additional safeguards to ensure that annuitants receive their due monthly allowances without risk of interruption.
“NAICOM is coming up with additional guidelines to ensure that annuitants are actually protected,” he added. “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.”
Enhancing Cyber Risk Protection and Simplifying Claims Process
In addition to annuity guidelines, NAICOM is also working on updated policies to improve cybersecurity protections within the insurance sector. Apampa noted that with digital transactions becoming increasingly vital, NAICOM is preparing 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,” Apampa said.
He further pointed out that NAICOM has observed significant improvements in claims payments, commending insurers for their compliance while encouraging further advancements.
“The commission has seen significant improvement in claims payments and has commended the industry, advising on further improvement,” he noted.
“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.”
Regulatory Adjustments to Keep Up With Industry Dynamics
Providing additional clarity on the upcoming guidelines, Head of Corporate Affairs at NAICOM, Mr. Abba Halil, explained that these are revised guidelines, not entirely new policies. He stressed that insurance regulations need to evolve to address changing market conditions and emerging risks.
“This is a revised guideline that is being put in place in view of the fact that regulation is dynamic,” Halil stated. “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 includes industry executives and NAICOM officials, continues to serve as a collaborative platform for policy development, regulatory enhancements, and sectoral growth strategies.
Boosting Confidence in Nigeria’s Insurance Industry
The imminent release of these updated regulatory guidelines signals NAICOM’s commitment to strengthening financial security for retirees and ensuring insurers comply with solvency and payment regulations.
By addressing cyber risks and claims documentation challenges, the commission aims to improve consumer confidence in the industry, reinforce policyholder rights, and support the government’s broader economic initiatives.
With these efforts, NAICOM is positioning the Nigerian insurance industry for greater efficiency, transparency, and long-term stability in annuity management and cybersecurity compliance.
What you should know
Last month, NAICOM emphasized the importance of long-term financial planning and risk management in ensuring a stable and secure retirement.
- Speaking 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 prioritize long-term financial planning to mitigate challenges associated with inflation, market volatility, and demographic shifts.
