NAICOM tasks insurers on N463.1bn annuity business

NAICOM tasks insurers

NAICOM tasks insurers on N463.1bn annuity business   The National Insurance Commission (NAICOM) has expressed worries over the declining participation of life companies in retiree life annuity (RLA) business, which is considered a huge opportunity for the industry. RLA is a pension benefit administered by life insurance companies, which provides pension benefits for retirees all through their lifetime. It is estimated to have a pool of funds over N463.1 billion. Sunday Thomas, the commissioner for insurance, who raised the concern at the 2020 Insurance Directors’ Conference, organised by NAICOM and…

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