The National Insurance Commission (NAICOM) is set to introduce supplementary guidelines aimed at strengthening the protection of over N650 billion in Annuity Funds under the Contributory Pension Scheme (CPS) currently managed by insurance firms.
This development was disclosed by Moruf Apampa, a member of the Communication and Stakeholder Engagement Sub-Committee of the Insurers’ Committee, during a media briefing following the June 2025 Insurers’ Committee meeting held in Lagos.
Apampa, who also serves as the Managing Director of NSIA Insurance Limited, stated that the move is part of NAICOM’s broader efforts to safeguard the interests of annuitants and policyholders, while fostering greater public confidence in the insurance sector.
“The industry regulator is taking proactive steps to ensure annuitants receive their regular monthly payments and that no insurer collapses under the weight of liabilities,” Apampa said. “The supplementary guidelines on annuity business will soon be released as part of NAICOM’s strategy to ensure long-term stability and policyholder protection.”
He added that these guidelines are aligned with the federal government’s broader economic objectives and are part of a suite of market-enhancing reforms being implemented by NAICOM.
The upcoming regulations are expected to set stricter standards for fund management, enhance oversight, and reduce risks within the annuity business—bolstering trust in the growing retirement income segment of Nigeria’s insurance industry.
