The National Insurance Commission (NAICOM) has said that it would soon introduce supplementary guidelines to safeguard Retiree Life Annuity (RLA) funds and address cyber risks for greater financial protection of pensioners.
This was disclosed 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 after the June 2025 Insurers’ Committee meeting.
Apampa stated that the expected guidelines formed part of NAICOM’s broader efforts to strengthen regulations, ensuring that retirees’ funds remain secure and effectively managed.
He stressed that the commission was taking proactive measures to prevent insurance companies from defaulting on annuity payments, and highlighted that “NAICOM has brought out a supplementary guideline on the business of annuity to build further confidence in the market”.
Apampa noted that NAICOM was implementing additional safeguards to ensure that annuitants receive their due monthly allowances without risk of interruption.
He said: “NAICOM is coming up with additional guidelines to ensure that annuitants are actually protected. 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.”
Additionally, he said NAICOM is also working on updated policies to improve cybersecurity protections within the insurance sector, noting that with digital transactions becoming increasingly vital, NAICOM is preparing cyber risk guidelines to bolster the industry’s resilience against cyber threats.
Apampa said: “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”.
He declared that NAICOM has seen significant improvements in claims payments, commending insurers for their compliance while encouraging further advancements.
He said: “The Commission has seen significant improvement in claims payments and has commended the industry, advising on further improvement.
“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.”
The Head of Corporate Affairs at NAICOM, Mr. Abba Halil, explained that these are revised guidelines, not entirely new policies, stressing 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. 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.”
According to the Commission, 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.
It noted that the imminent release of these updated regulatory guidelines points to commitment to strengthening financial security for retirees and ensuring insurers comply with solvency and payment regulations.
He reiterated that 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.
Apampa noted that with these efforts, NAICOM is repositioning the Nigerian insurance industry for greater efficiency, transparency, and long-term stability in annuity management and cybersecurity compliance.
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