The National Insurance Commission (NAICOM) has announced plans to release supplementary guidelines for the annuity business in Nigeria, as part of its ongoing efforts to stabilise and strengthen the sector.
This development was disclosed by Mr. Moruf Apampa, Vice Chairman of the Subcommittee on Communication and Stakeholder Engagement of the Insurers Committee, during the committee’s 18th meeting held on Wednesday.
Earlier this year, NAICOM had introduced new regulations for annuity operations, which took effect on February 1, 2025. These were aimed at sanitising the market and ensuring the long-term sustainability of the annuity segment.
According to Apampa, the forthcoming supplementary guidelines are a proactive step to protect annuitants and ensure that insurance companies remain stable and capable of meeting their obligations.
“NAICOM is coming up with additional guidelines to ensure that annuitants are adequately protected. We know the existing guidelines are currently running. But this move is to ensure failure will never happen in that sector again,” Apampa stated.
The supplementary regulations are expected to further reassure policyholders and investors, while reinforcing the commission’s commitment to maintaining financial health and transparency within the insurance sector.
