Posted on: Mon 25-02-2019

Re: Compliance with Guidelines for Life Insurance Policy for Employees and Submission of Insurance Certificate For 2019

In accordance with the provisions of Section 4(5) of the Pension Reform Act (PRA) 2014 and Section 5.5 of the Guidelines for Life Insurance Policy for Employees, Employers of labour covered by the PRA 2014 are required to submit copies of the Insurance Certificates with the schedule of benefits to the National Pension Commission (PenCom).

The Insurance Certificates shall state that all employees are covered up to an amount not less than 3 times their respective Annual Total Emoluments (ATE).

Employers that have not yet submitted copies of Insurance Certificates for the current year to the Commission, are therefore advised to do so before 31 March, 2019 failing which the National Pension Commission would consider such employers in default of Section 4(5) of the Pension Reform Act (PRA) 2014.

The Guidelines for Life Insurance Policy for Employees can easily be accessed and downloaded from the following website address:

www.pencom.gov.ng/guidelines/guidelines for Life Insurance Policy.

Please note also that Compliance with PRA 2014 is not complete without the Group Life Insurance Policy

 

For further enquiries, please contact:

 

The Director-General

National Pension Commission

Plot 174, Adetokunbo Ademola Crescent, Wuse II

PMB 5170 Wuse

Abuja, Nigeria

 

Signed

MANAGEMENT

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