FG OWES INSURERS 40% OF GROUP LIFE INSURANCE PREMIUM

With less than two months to the expiration of the 2017 contract, the Federal Government is still owing the Insurance industry about 40% of the premium which it ought to have paid for the Group Life Insurance cover for all federal Civil Servants in 2016 as required by section 4(5) of the Pension Reform Act of 2014.

The yet to be paid-for insurance contract became effective in December 2016 and will expire in December 2017.

The Group Life Insurance which is usually arranged through the office of the head of Civil service of the Federation is compulsory.

The government only paid 42% of the required premium in December 2016.

In view of the strict implementation of No Premium No Cover Policy, the effective date of the policy was December 2016.

Leave a Reply

Your email address will not be published. Required fields are marked *