The National Insurance Commission has issued fresh regulations on annuity businesses, effective February 1, in a bid to sanitise that segment of the market.

According to a statement on Friday, NAICOM said it released a circular outlining additional regulatory requirements for life insurance companies carrying on annuity business in Nigeria.

The circular, dated January 29 2025, signed by Director (Innovation & Regulation), A.I Adamu, issued to Managing Directors/CEOs of all Life Insurance companies, aims to enshrine best practices in the management of annuity portfolios by insurance institutions.

The new rules mandate that insurance companies are required to have at least one qualified actuary responsible for asset-liability matching analysis and implementation of its adoption by the investment team of the company.

https://punchng.com/naicom-issues-fresh-annuity-rules-mandates-actuarial-oversight/