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PenCom, NAICOM examine reports submitted by annuity committee.

The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) are independently examining the reports submitted by members of annuity committee that met two weeks ago in Kaduna, Kaduna State, to enable them take a position on how to regulate annuity business.

Inspen gathered that outcome of the examinations would be made public in a joint guideline that will released very soon.


This medium learnt that the issue of commissions to intermediaries still remains contentious as PenCom wants total removal while NAICOM is pushing for a workable system that would still accommodate brokers and agents.


While the regulators continue to find a way out of the impasse, some life insurers that have complied with the initial directives given by PenCom have been granted approval to transact annuity business.


As exclusively reported by this medium, FBNInsurance Insurance; Leadway Assurance Limited and ARM Life are already selling annuity.


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