Nigerian insurance sector
Tension in Insurance Industry as Reps Open Investigation into 25 Firms
The Nigerian insurance industry is currently navigating a storm of scrutiny as the House of Representatives Subcommittee on Capital Market and Other Institutions investigates 25 prominent insurance firms over alleged financial misconduct. The probe, sparked by a formal petition and initiated at the National Assembly Complex in Abuja, is already sending shockwaves through an industry […]
NAICOM Set to Unveil New Annuity Guidelines to Strengthen Insurance Sector
In a strategic move aimed at strengthening retiree protections and boosting confidence in Nigeria’s insurance sector, the National Insurance Commission (NAICOM) has announced plans to roll out a supplementary guideline for Retiree Life Annuity (RLA) and introduce robust cybersecurity frameworks for insurers. This was disclosed by Moruf Apampa, Vice Chairman of the Publicity Sub-Committee of […]
NAICOM Set to Unveil New Guidelines on Annuities and Cyber Risk Management
The National Insurance Commission (NAICOM) is set to release supplementary regulatory guidelines aimed at strengthening protection for Retiree Life Annuity (RLA) funds and enhancing the cybersecurity resilience of the Nigerian insurance sector. This move comes amid rising concerns over annuity defaults and the growing threat of cyberattacks on financial institutions. Disclosing the development after the […]