Insurers Want Role Clarified in Pensions Commission
By Nnamdi Duru
With the recent signing into law of the Pension Act 2004 by President Olusegun Obasanjo, insurance companies operating in the country have sought clarification of their roles in the new dispensation.
Nigerian Insurers' Association (NIA), the umbrella body of underwriting firms operating in the country, recently asked for this clarification when its leadership paid a courtesy call on the Acting Director-General of the National Pension Commission (NPC), Mr. Mohammad Kabir Ahmad.
The Director-General of the association, Mr. Ezekiel Chiejina, who led a delegation of the institute pledged insurers, cooperation with the commission to enhance smooth process of pension administration. He advised the commission to carry the association along in the course of regulating pension administration and implementing provisions of the Pension Reforms Act 2004.
He also sought clarification on the role of insurance companies aside from the provision of annuities and term life assurances. In addition, he wanted to get more information on the transition period and realisation of the long term investment of existing pension scheme assets.
Responding, the commission's Acting Director-General noted that the insurance industry holds the key to successful implementation of the new pension system just as he stated his expectation that insurers would complement the effort of his organisation in this direction.
Ahmad also said that the association has a role to play in the area of regulation and enforcement of ethics in the industry.
"We welcome the initiative of NIA, especially in the area of collaboration. I want to say that the new pension scheme and the implementation of the Pension Act 2004 cannot operate successfully without the support of the insurance industry.
"However let me also acknowledge that NIA has a greater role to play now especially in the area of regulation and enforcement of professional ethics", Ahmad stated.
Meanwhile, NIA has been mourning the death of Late Mr. Francis Hagerty, deceased Managing Director of Aiico Insurance Plc and a Governing Council member of the institute. He died in his hown town, Pennsylvania, USA and has since been buried.
In a press release, the association said, "It is with deep sense of loss and grief that we received the news of his death just at the time the insurance industry needed his services most"
"We have followed his contributions to the growth of the industry and we are satisfied that he played his part diligently while he was alive.
"Apart from leaving Aiico better than he met it, Mr. Hagerty will be remembered by insurance practitioners for his dedication to duty, sagacity of judgement and his determination to see a healthier and more robust insurance industry", the association added.
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