AMAKA Obiefuna

In its continued effort to reposition the industry, the National Insurance Commission (NAICOM) has announced its move to totally ring-fence Retiree Life Annuity (RLA) funds.

This, according to the Managing Director NSIA Insurance Limited, Moruf Apampa, is aimed at giving adequate protection to annuitants, adding that comprehensive supplementary guidelines would soon be issued.

Apampa, who is also a member of Communication & Stakeholder Engagement Sub-Committee, Insurers Committee disclosed this at a press conference held on Wednesday June 11, 2025 after the June 2025 Insurers’ Committee meeting in Lagos.

Both the supplementary guidelines and other measures taken by NAICOM are geared towards protecting annuitants and other policyholders, the Managing Director stated. He also disclosed that NAICOM is also working on cyber risk guidelines

On settlement of claims Apampa announced that the Commissioner for Insurance, Olusegun Omosehin, has expressed satisfaction with the improvement made in this regard and assured that NAICOM and operators are now fully committed to prompt settlement of genuine claims.