PenCom and NAICOM Sign off Regulation on Retiree Life Annuity and Guidelines on Group Life Insurance Policy for Employees – PensionNigeria

PenCom and NAICOM Sign off Regulation on Retiree Life Annuity and Guidelines on Group Life Insurance Policy for Employees

The National Pension Commission (PenCom) has disclosed that it has signed off on the “Regulation on Retiree Life Annuity” and “Guidelines on Group Life Insurance Policy for Employees”, with the National Insurance Commission (NAICOM) in an epoch-making ceremony held in Abuja today 01 September 2020.

Below is the Press Release from PenCom

THE NATIONAL PENSION COMMISSION PRESS RELEASE

National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) Sign Off the Regulation on Retiree Life Annuity and Guidelines on Group Life Insurance Policy for Employees.

The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) in an epoch making ceremony held in Abuja today 01 September 2020, signed off the Revised Regulation on Retiree Life Annuity, the Guidelines on Group life Insurance Policy for Employees and CPS Retiree Pack. The event also included the signing of a Memorandum of Understanding between PenCom and NAICOM.

The revised Regulations and Guidelines provide clarity on the Provisions of the PRA 2014 in areas relating to Retiree life Annuity with focus on guiding stakeholders to make informed decisions, ensure safety of Retiree Life Annuity funds and assets, address concerns of mis-selling and de-marketing by pension and insurance operators as well as bringing stability into the financial sector of the economy.

Toclay’s landmark event is the outcome of the collaborative efforts of PenCom and NAICOM,

Signed.
PenCom
Management

PensionNigeria will provide more details on the new Regulation on Retiree Life Annuity and Guidelines on Group Life Insurance Policy for Employees and the Contributory Pension Scheme (CPS) retiree pack, once available.

Read more Life Annuity news here 

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