From left: President, Nigerian Council of Registered Insurance Brokers, Mr. Shola Tinubu; Osun State Governor, Mr. Gboyega Oyetola; Chairman, Board of Fellows, Mrs. Laide Osijo and Chairman, Society of Fellows, Mr. Michael Olawale-Cole inducting Governor Oyetola as Member, Society of Fellows of the Council in Osogbo
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Chuks Udo Okonta
The Nigerian Council of Registered Insurance Brokers (NCRIB) has intensified efforts to ensure workers in 35 states of the country who are presently outside the group life cover are adequately protected with insurance by their Governors.
The Executive Secretary of the broking body, NCRIB, Fatai Adegbenro, told this medium in a telephone interview that the body had written to all the state governors on the need for them to mitigate their risks through insurance.
According to him, Osun and Lagos state will soon release their group life insurance premium, stressing that discussions had been concluded with the Osun State governor, while that of Lagos is still on top gear.
He noted that he is optimistic that the present situation where only Kaduna State and the Federal Capital Territory (FCT), have group life for workers will soon change, adding that the various state charters of the NCRIB have been keenly following up with their states to ensure they protect their workers and properties with insurance.
Section 4 (5), of the Pension Reform Act, 2014 states that “Every employer shall maintain a group life insurance policy in favour of each employee for a minimum of three times the annual total emolument of the employee and premium shall be paid not later than the date of commencement of the cover.
Sub-section (6) of the same section stated that, “Where the employer failed, refused or omitted to make payment as and when due, the employer shall make arrangement to effect the payment of claims arising from the death of any staff in its employment during such period.”
But the second quarter report published by National Pension Commission (PenCom) stated that only Kaduna State and the FCT has group life for workers.
The pension regulator noted that only Lagos; FCT and Kaduna state are properly funding their employees’ accrued pension rights, while Delta, Osun and Rivers stil have huge arrears and Kaduna; Kebbi; Zamfara; Jigawa; Ekiti; Lagos; Ondo; Osun; FCT; Anambra; Delta; Edo and Rivers are remitting their pension contributions.
PenCom maintained that Yobe State remains the only state that is yet to take any step towards the implementation of the contributory pension scheme.