Council tasks insurance coys on group life cover

Category: Business Published on Tuesday, 26 February 2013 05:00

The Nigerian Council of Registered Insurance (NCRIB) has advised life assurance companies to take advantage of the group life insurance scheme as provided for under the Pension Reform Act 2004.

The President of NRCIB Barrister Laide Osijo gave the advice when the management of Crystalife Assurance Plc, led by the Managing Director, Mrs. ‘Seyi Ifaturoti paid her a courtesy visit in the NCRIB House in Lagos.

Osijo said the 27 existing life companies in the country should continually evolve insurance policies that would meet the needs of the teeming Nigeria population as obtained in other developed countries.

The NCRIB President noted that under the Pension Act, every employer of labour was under obligation to arrange for a life insurance cover for employees and in order to make it workable, the scheme is arranged on group basis under the Group Life Insurance.

While disclosing that the public sector was already complying with the Act, Osijo said there were rooms for ingenious Life companies to prospect the numerous private sector workers and take advantage of the Act to grow the industry.

She said that all over the world, life specialist companies play catalytic roles to economic development as they possess the required professional competence to conceive life policies or welfare schemes that would ultimately benefit both employers and employees.

Osijo commended the on-going synergy between the National Insurance Commission (NAICOM) and the Pension Commission (PENCOM) on Group Life insurance and annuity, noting that the action would grow the industry and improve the social welfare of Nigerians.

Meanwhile, the February edition of the NCRIB Members Evening is to be hosted by Law Union and Rock Insurance Plc on Tuesday, February 26.