By NIyi Jacobs
The National Insurance Commission (NAICOM) has introduced stricter regulations for life insurance companies managing annuity portfolios in Nigeria.
In a circular dated January 24, 2025, the Commission outlined new requirements aimed at strengthening risk management and ensuring stability in the insurance sector.
Under the new rules, insurers must employ a qualified actuary to oversee Assets-Liability Matching (ALM) analysis and implementation, with quarterly reports submitted to NAICOM following the NAS Standards of Actuarial Practice (NSAP).
The Board of Directors of each company will be held responsible for ensuring full compliance.
Companies unable to meet the new requirements will be required to transfer their annuity portfolios to a compliant insurer within 180 days. The regulations take effect on February 1, 2025, with NAICOM emphasizing the need for strict adherence to safeguard the annuity market.
For further inquiries, insurers can contact the Commission via mailroom@naicom.gov.ng or visit its office at Plot 1239, Ladoke Akintola Boulevard, Garki II, Abuja.
