Stanbic IBTC Pension Managers has opened a new office in Warri. Mr Eric Fajemisin, Executive Director, Administrator, Stanbic IBTC Pension Managers, said the opening of its Warri office informs its  focus on taking pension services closer to Nigerians, availing them the opportunity of interacting directly with its  staff on any issue relating to their pensions, planning for retirement, investment outlook, or any clarification that they may require.

“In the event that they do not want to physically visit our offices, we have a 24-hour customer service centre that they can call and be attended to in any one of Nigeria’s major languages including pidgin English, and of course the lingua franca,” he added.

He however said that the contributory pension scheme, which was established with the enactment of the Pension Reforms Act of 2004, is still in its early growth stage and therefore requires investments such as those that have been made by Stanbic IBTC Pension Managers.

Fajemisin said that information plays a major role in enhancing confidence and trust in the pension scheme.

According to him, Structures and systems that will facilitate two-way communication between PFAs and contributors as well as retirees, will deepen understanding of the workings of the pension system, and with understanding comes empowerment.”

NAICOM signs MoU with NAIC

The National Insurance Commission, NAICOM, and the National Association of Insurance Commissioners, NAIC, of the United States, have signed a Memorandum of Understanding, MOU, to establish a formal basis for co-operation and technical assistance.

Nigeria’s Commissioner for Insurance, Mr.  Fola Daniel, and the president of NAIC, Mr. James  Donelon signed the MOU on behalf of both parties at a well-attended ceremony held at the Willard InterContinental Hotel, Washington, DC in the United States of America.

The purpose of the Memorandum is to help maintain efficient, safe, fair and stable insurance markets in Nigeria and the United States for the benefit and protection of policyholders, by providing a framework for co-operation, increased mutual understanding, the exchange of information and technical assistance to the extent permitted by respective laws, regulations and requirements.

Under the agreement, the authorities will provide mutual assistance periodically through training held in the host country; participation in internships with specific educational focus, educational seminars held in the host country, provision of training manuals and materials and any other issues of common interest

Similarly, both NAICOM and the NAIC have reiterated the importance of complying with the International Association of Insurance Supervisors (IAIS) Core Principles for effective insurance supervision and the Financial Action Task Force (FATF) recommendations on Anti-Money Laundering.

NAICOM and the NAIC believe that such cooperation will enable them to more effectively regulate the industry and entrench international best practices .

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