LASACO Assurance Plc, said it has resumed underwriting of annuity business after short break on the business following an embargo placed on it by the National Pension Commission (PenCom) early this year.
LASACO re-commenced the annuity businesses in collaboration with its appointed experts, First Pension Custodian (FPC), having obtained the nod of the National Insurance Commission (NAICOM) to again take on the underwriting of the product across the country.
The company said with the resumption, the insuring public can now invest their retirement benefits with it from where monthly stream of income can be generated and paid to them for a fixed period.
LASACO Assurance Managing Director, Mr. Segun Balogun, who spoke on the development, said that his company achieved the feat of qualifying to resume annuity business underwriting through prudent management and strict adherence to professionalism and promised that the company would do more to meet the needs of the people through policies that would guarantee better deals for them.
On his part, General Manager, Life Operations of the company, Mr. Dimeji Olona, explained that the companyâ€™s annuity product was designed to provide security and peace of mind for the holders as it is meant to ensure regular payment in retirement for the duration of the ownerâ€™s life.
With this, LASACO Assurance has been enlisted among the few insurance firms that have secured PenCom’s approval to resume annuity underwriting after the embargo on the business early this year, Other insurance firms are still struggling to meet PenCom’s conditions for resuming the business.
PENCOM, had early this year, placed a short embargo on the underwriting of annuity business by life insurance firms pending the time it will jointly with the National Insurance Commission (NAICOM) come up with guidelines on the business.