•NAICOM approves 39 accounts
Insurance companies are progressing in the rendition of their accounts in tandem with the International Financial Reporting Standards (IFRS), the insurance industry regulator, NAICOM, has said.
The regulatory authority, the National Insurance Commission (NAICOM), said 39 out of the 48 firms that submitted their accounts have been cleared unlike in the past when only a few of them got clearance.
This was made known in a report titled: 2016 Status Report on Insurance Companies, released last week and made available to reporters in Lagos.
According to NAICOM, 39 firms have been approved, two were queried and review of six accounts is in process while the response sent by one company is under review. The accounts approved by the Commission are FBN General Insurance; Wapic Life; Ensure Insurance; Continental Reinsurance; Zenith General Insurance; FBNInsurance; Consolidated Hallmark Insurance; AIICO Insurance; Leadway Assurance; Mutual Benefit Assurance and Sovereign Trust Insurance.
Others are Custodian and Allied; Law Union, Wapic General; Axa Mansad; Prestige; NEM; Regency; Lasaco; UnityKapital; Cornerstone; Fin Insurance; Royal Exchange; Leadway Assurance; Old Mutual; Staco; Royal Prudential; Mutual Life; NSIA Insurance; Standard Alliance; ARM; Linkage; Sterling Assurance; Standard Alliance General; Anchor; Niger and United Metropolitan.
NAICOM noted that the response sent by Guinea Insurance on her account is under review while the accounts of Nigeria Reinsurance Corporation and KBL Insurance Limited were queried.
The commission said it is still reviewing the accounts submitted by Nigerian Agricultural Insurance Corporation; Equity Assurance; Capital Express; Universal Insurance Plc; UNIC Insurance Plc and Saham Unitrust Insurance Nigeria Limited.
The industry has before now been known for non-submission of accounts by the majority of firms that stay sometimes three to four years, which has overtime contributed to difficulties encountered by NAICOM in having accurate data of the sector.
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