Category: Insurance & Pension

PTAD to continue verification of federal retirees

The Pension Transitional Arrangement Directorate said it would continue the verification of retirees of the Federal Government under its purview so that they could be paid their pensions and outstanding entitlements. The Assistant Director, Pension Administration at the PTAD, Jibrin Idris, said this during the verification of pensioners of the Nigerian Telecommunications Limited and its…

NAICOM Unveils Rates For Compulsory Classes Of Insurance

The apex regulator of Insurance Industry in Nigeria, National Insurance Commission (NAICOM) as part of efforts to control the increasing challenge of rate cutting in the industry on Monday came up with new approved rates for compulsory classes of insurance to the operators. Going forward, the approved rates for compulsory classes of insurance which contains…

NAICOM cuts microinsurance firms’ capital base to N40m

The National Insurance Commission has reduced the minimum capital base for microinsurance companies from N150m to N40m. This was contained in the new microinsurance guideline that was released by the commission and obtained by our correspondent on Monday. “As part of the commission’s determination to improve financial inclusion in Nigeria, particularly to the underserved and…

NCRIB partners LCCI, NGBA to grow insurance

  The Nigerian Council of Registered Insurance Brokers has commenced discussions with the leadership of the Lagos Chamber of Commerce and Industry and Nigerian-German Business Association on the possibility of leveraging the membership of both institutions to deepen insurance penetration in Nigeria. According to a statement obtained from the council, the proposed partnership will encourage…

Total pension assets rise to N7.4tn

  The total pension assets under the Contributory Pension Scheme rose to N7.4tn as of the end of November 2017. Figures obtained from the National Pension Commission on Thursday revealed that N5.22tn or 82.5 per cent of the fund was invested in Federal Government’s bonds and treasury bills. According to the data, the Pension Fund…