Lagos: The National Insurance Commission (NAICOM) has announced its intention to release supplementary guidelines designed to enhance the security of Retiree Life Annuity (RLA) funds, thereby providing increased protection for annuitants. This initiative was revealed by Mr. Moruf Apampa, a member of the Communication and Stakeholder Engagement Sub-Committee of the Insurers’ Committee, during a news conference held after the June 2025 Insurers’ Committee meeting in Lagos.

According to News Agency of Nigeria, Apampa, who is also the Managing Director of NSIA Insurance Ltd., emphasized that the upcoming guidelines are part of NAICOM’s broader strategy to improve the regulatory framework and ensure the proper safeguarding of funds allocated for retirees. He added that these regulations aim to boost public confidence in the insurance sector and affirm NAICOM’s commitment to protecting the rights of retirees and policyholders.

NAICOM’s supplementary guidelines are intended to build further trust in the annuity market, ensuring that annuitants are adequately protected. The commission is taking proactive steps to prevent any company from failing to meet its obligations or annuitants from missing their regular monthly payments. Apampa stressed that these measures are designed to prevent any recurrence of past failures, and the guidelines are expected to be released shortly.

Apampa also highlighted NAICOM’s efforts to simplify claims documentation and payment processes to improve customer experience. The commission is actively working on repositioning the insurance industry, including the development of guidelines related to cyber risk. He noted that NAICOM is drafting new guidelines to support government initiatives aimed at boosting the economy, such as market guidelines.

The commission has observed significant improvements in claims payments and has commended the industry while advising further advancements. NAICOM also acknowledged insurers who are in compliance with solvency regulations and expressed optimism for notable improvements in the industry’s second-quarter report.

Mr. Abba Halil, Head of Corporate Affairs at NAICOM, elaborated on the supplementary guidelines, stating that they represent a revised set of guidelines introduced to adapt to the dynamic nature of regulation. As industry conditions evolve, NAICOM recognizes the need for timely decision-making and is committed to updating existing guidelines with necessary improvements.

The Insurers’ Committee, comprising insurance industry executives and NAICOM officials, serves as a collaborative platform for policy dialogue and sectoral growth.