The National Insurance Commission (NAICOM) has unveiled plans to introduce supplementary guidelines aimed at safeguarding Retiree Life Annuity (RLA) funds and addressing cyber risks.
The Vice Chairman of the Publicity Sub-Committee of the Insurers’ Committee and Managing Director of NSIA Insurance, Moruf Apampa, who disclosed this after the June 2025 Insurers’ Committee meeting in Lagos, said that the new guidelines form part of NAICOM’s broader efforts to strengthen regulations, ensuring that retirees’ funds remain secure and effectively managed. 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.” He emphasised that the move was part of the commission’s strategy 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. In addition to annuity guidelines, he said 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.
