Ebere Nwoji
The National Pension Commission (PenCom)
and the National Insurance Commission (NAICOM) have introduced the
revised guidelines on retirees’ life annuity.
They are the guidelines on Group Life Insurance Policy for Employees and CPS Retiree Pack.
Both regulators signed the new guidelines in Abuja yesterday.
A statement by the Head, Corporate
Communications Department, PenCom, Peter Aghahowa, explained that the
event also included the signing of a memorandum of understanding between
both regulators.
PenCom and NAICOM.
He noted that 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.
“Today’s landmark event is the outcome of the collaborative efforts of PenCom and NAICOM,” he said.
Since the regime of contributory pension
scheme, there has always been friction between insurance agents
marketing annuity and their counterparts in pension sector. Both PenCom
and NAICOM have been looking for ways of bringing peace between the
operators.
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