The National Pension Commission (PenCom) has asked employers to display their group life insurance certificates on or before July 31, 2021 to avoid prosecution.
The pension sector regulator which has a joint regulatory policy with the National Insurance Commission (NAICOM) on group life insurance policy, in a notice signed by Director-General, PenCom, Mrs. Aisha Dahir-Umar, published for all employers/employees and entitled: ‘Re: Compliance With PRA 2014 on Group Life Insurance Policy for Employees and Display of Insurance Certificates for 2021’ said employers that have not displayed a copy of the group life insurance policy certificate within their premises are advised to do so on or before July 31, 2021, stressing that failure to provide group life insurance policy is a violation of section 4(5) of the Pension Reform Act (PRA) 2014.
PenCom maintained that in accordance with the provision of section 4(5) of the Pension Reform Act (PRA) 2014, every employer shall maintain a group life insurance policy in Favour of all employees.
It noted that the group life insurance policy should be a minimum of three times the annual total monument of the employees, stressing that similarly, section 5.5 of the revised guidelines on group life insurance policy for employees provide that the employer shall display a copy of the group life insurance policy certificate in a conspicuous place within its premises, for the information of the employees and as evidence of having taken such policy.
