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Chuks Udo Okonta
The National Pension Commission (PenCom) has granted approval to FBNInsurance Limited; Leadway Assurance and ARM Life to sell annuity after they met the new requirements for the business.
Inspen gathered that the firm’s received the approval after they signed the service agreement and transferred their annuity funds to Pension Fund Custodians (PFCs).
Zonal Head, South-West Zone, National Pension Commission, Babatunde Phillips; while speaking yesterday on Inspen’s Retirement Mata, said some firms have been granted approval.
He noted that insurance companies that complied with the new rules on annuity would be granted approval without delay.
Recall that PenCom and the National Insurance Commission (NAICOM) had agreed to issue a joint guideline.
“Both NAICOM and PenCom are currently reviewing the Regulation on Retiree Life Annuity which will be jointly released to the public in compliance with the PRA 2014 within 3 months of this notice. In the meantime, the following shall apply,” a joint circular by the regulators said.