By Emmenuel Akinmola
The National Insurance Commission (NAICOM) has unveiled plans to introduce new supplement guidelines to strengthen the protection of Retiree Life Annuity (RLA) funds and combat emerging cyber risks, in a bid to improve financial security for pensioners across Nigeria.
The disclosure was made by the Vice Chairman, Publicity Sub-Committee of Insurers’ Committee and Managing Director, NSIA Insurance, Moruf Apampa, at a media chat in Lagos following the June 2025 Insurers’ Committee meeting in the industry.
Apampa stressed that the forthcoming guidelines form part of NAICOM’s broader efforts to strengthen regulations, ensuring that retirees’ funds remain secure and effectively managed.
He noted that the commission is taking proactive measures to prevent insurance companies from defaulting on annuity payments.
According to him, NAICOM has brought out a supplementary guideline on the business of annuity to build further confidence in the market.
He explained that the commission is implementing additional safeguards to ensure that annuitants receive their due monthly allowances without risk of interruption.
The commission is coming with additional guidelines to ensure that annuitants are protected, he said. NAICOM is taking proactive measures to ensure that no failure occurs. These guidelines will be released soon.
In addition to annuity guidelines, the commission is also working on updated policies to improve cybersecurity protections within the sector. Apampa added that with digital transformations becoming increasingly key, NAICOM is preparing cyber risk guidelines to bolster the industry’s resilience against cyber threats.
“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, Apampa said.
He also confirmed the commission observation on claims payments, commending insurers for their compliance while encouraging further advancements.
“On the solvency compliance, NAICOM also commended underwriters who are observed to be in tune with the regulations, and hopefully, there will be significant improvement in the industry’s second quarter report”.
Providing additional clarity on the upcoming guidelines, Head of Corporate Affairs at NAICOM, Abba Halil, explained that these are revised guidelines, not entirely new policies. He stressed 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 of the fact that regulation is dynamic,” Halil said. “As situations within the industry change, there is a need to make certain decisions. So, the commission is not bringing up new guidelines but a set of revised guidelines in which improvements have been made.”
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.
The imminent release of these updated regulatory guidelines signals NAICOM’s commitment to strengthening financial security for retirees and ensuring insurers comply with solvency and payment regulations.
By addressing cyber risks and claims documentation challenges, the commission aims to improve consumer confidence in the industry, reinforce policyholders’ rights, and support the government’s broader economic initiatives.
With these efforts, NAICOM is positioning the Nigerian insurance industry for greater efficiency, transparency, and long-term stability in annuity management and cybersecurity compliance.
Earlier, before now, the commission stressed the importance of long-term financial planning and risk management in ensuring a stable and secure retirement.
Speaking at the 2025 edition of the Inspenonline Retirement Summit in Lagos, the Commissioner for Insurance, Olusegun Omoseyin, stated the need for proactive retirement savings and investment strategies.
The commissioner said that individuals must prioritise long-term financial planning to mitigate challenges associated with inflation, market volatility, and demographic shifts in the country.
