PenCom, NAICOM sign pact on retiree, employees insurance covers

The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) yesterday signed pact on retirees and employees insurance covers.
The new collaboration between the two involved the Revised Regulation on Retiree Life Annuity, the Guidelines on Group Life Insurance Policy for Employees and Contributory Pension Scheme (CPS) Retiree Pack.
The event also included the signing of a Memorandum of Understanding between PenCom and NAICOM.
PenCom said the revised Regulations and Guidelines provide clarity on the Provisions of the Pension Reform Act (PRA) 2014 in areas relating to Retiree Life Annuity with focus on guiding stakeholders to make informed decision.
It also noted that it would ensure safety of Retiree Life Annuity funds and assets, address concerns of mis-selling and de-marketing by pension and insurance operators as well as bringing stability into the financial sector of the economy.
“Today’s landmark event is the outcome of the collaborative efforts of PenCom and NAICOM,” the management said.