The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) have directed insurance firms to fully enforce compliance with pension and insurance laws.
The regulators issued a joint statement to improve protection for employees and ensure that organizations meet their statutory obligations. The move is expected to close long-standing gaps in the management of employee benefits.
According to the directive, insurers must now verify that all companies holding group life insurance policies also maintain valid pension arrangements for their staff. This cross-check will help identify organizations that are defaulting on either obligation.
PenCom and NAICOM said the enforcement effort will strengthen transparency and improve coordination between both sectors. The collaboration also aims to build confidence among employees, many of whom face difficulties when accessing retirement or insurance benefits.
Industry stakeholders believe that closer cooperation between regulators could help reduce compliance breaches and boost trust in Nigeria’s financial system.
The new measure is part of a broader effort to enhance corporate accountability and align the pension and insurance industries with global best practices.
 and the National Insurance Commission (NAICOM) have directed insurance firms to fully enforce compliance with pension and insurance laws.){kind=link}