NAICOM/PenCom Sign MoU, Endorse Group Life Insurance Policy

Yemisi Izuora

The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM), Tuesday 1 September 2020, signed off the Revised Regulation on Retiree Life Annuity, the Guidelines on Group Life Insurance Policy for Employees and CPS Retiree Pack.

Both agencies also signing a Memorandum of Understanding, MoU, for improved cooperation and collaboration.

 

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 decision, 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.

The landmark event is the outcome of the collaborative efforts of PenCom and NAICOM.

Add Comment