The President of the Nigerian Council of Registered Insurance, Mrs. Laide Osijo, has advised specialist life insurance companies to take advantage of the group life assurance provision in the Pension Reform Act, 2004 to shore up their respective levels of performance.
She gave the admonition when the she played host to a delegation from Crystalife Assurance Plc led by its Managing Director, Mrs. Oluseyi Ifaturoti. She tasked the 27 life offices in the country to continually develop life insurance policies and programmes that would meet and surpass the needs of Nigerians the way it is done in other markets.
Osijo recalled that the pension law mandates employers of labour to have in place a group life insurance programme for their employees. She affirmed that the public sector is complying with the law, adding that there are rooms for life companies to prospect private sector employers to comply and take advantage of the provision to grow the life insurance arm of the industry.
She said that all over the world, life specialist companies play catalytic roles in the economy given that they have the skills to enable them design life policies and other welfare schemes that would ultimately benefit both employers and their employees.
The NCRIB president also commended the on-going synergy between the National Insurance Commission (NAICOM) and the National Pension Commission (PenCom) on group life insurance and annuity, noting that the action would grow the industry and improve the social welfare of Nigerians.