By Tony Obiechina Abuja
The National Insurance Commission (NAICOM) has released a circular outlining additional regulatory requirements for life insurance companies carrying on annuity business in Nigeria.
The circular, dated January 24, 2025, aims to enshrine best practice in the management of annuity portfolios by insurance institutions in furtherance to ensuring a safe, sound, and stable insurance sector.
Some key requirements of the circular include, Insurance companies are required to have at least one qualified actuary responsible for Assets-Liability Matching (ALM) analysis and implementation, Companies are required to submit ALM reports to the Commission quarterly; Insurance companies are required to comply with the new requirements, with the Board of Directors responsible for ensuring strict compliance; and companies that are unable to cover the additional expenses imposed by the circular are required to transfer their annuity portfolio to another suitable insurance company.
According to the he circular the directive takes effect from Saturday, February 1, 2025.
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