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Chuks Udo Okonta
Insurance operators have reacted to resolutions reached by the National Pension Commission (PenCom) and National Insurance Commission (NAICOM) on the controversy that had trailed annuity business since last year.
To stem the fuss on annuity which started November last year, pension and insurance regulators, yesterday issued a joint circular to strengthen annuity business, a development which some insurers said has brought some kind of relief.
The Director-General, Nigerian Insurers Association, Sunday Thomas, welcomed the steps taken by the regulators, adding that the resolution has helped stemmed the tension brought about by the directive which caused the fuss.
“I think the resolution has brought some kind of relief. With the structure of the pension management and regulation where the two pay out options are influence by Pension Fund Administrators (PFAs), I think the insurance sector should first regain its business and find ways to establish itself,” he said.
President, Association of Registered Insurance Agents of Nigeria (ARIAN) Olamerun Gbadebo, also lauded the decision reached, but expressed misgivings over the state of insurance industry, which he said, still operates at the sideline of the playing field.
“It is a welcomed development with its merits and demerits. However, my concern and curiosity still hold water that the industry is still operating at the sideline of the playing field,” he said.
