19 Insurance firms fail PenCom compliance for Contributory Pension Scheme, 39 others remit N2.47bn in 2020
The National Pension Commission (PenCom) has awarded compliance certificates to 39 insurance companies out of 58 operating in the sector.
The certificates serve as proof that the companies have fully complied with the Contributory Pension Scheme (CPS) and therefore affords them the right to bid for federal government contracts and businesses.
According to the, “schedule of employers issued with compliance certificate” released by PenCom, the 39 insurance companies remitted a total of N2.47 billion in their Retirement Savings Accounts (RSA) in 2020.
Further analysis of the schedule showcase that AIICO Insurance topped the list of insurers as it remitted N193.9 million for its 296 employees in 2020, followed by Lasaco with N159.5 million for 160 employees and then Leadway remitted N158.2million for 335 employees.
Also FBN Insurance Limited came forth with N128.4 million remittances for 171 employees, followed by old mutual with N127.9 million. Cornerstone remitted N108.4 million while Old Mutual General remitted N108.3 million. Zenith remitted N97.9 million while Mutual Benefits Assurance remitted N91.6 million and Axa Mansard remitted N90.7 million.
