The statutory regulatory body for the insurance sector in the country, the National Insurance Commission (NAICOM) has announced the approval of 32 insurance firms financial reports out of the 59 operational insurance firms in the country.
A statement posted on its website and accessed by The Tide last Monday titled Status of 2016 Financial Statements of Insurance Companies as at June 2017” said the approved firms met the financial policy standards of NAICOM.
The statement singed by the National Commissioner, Insurance, Mohammed Kari, tasked insurance and reinsurance firms to abide by the rules and regulations of NAICOM in early submission of their financial statements for verification and approval, adding that the commission would ensure transparency and financial accountability within the insurance sector.
The commission listed the opproved firms as FBN General Insurance, Zenith General Insurance, Wapic Life Insurance, Ensure Insurance, FBN Insurance, Continental Reinsurance, Zenith Life, Assurance, Consolidated Hall Mark Assurance and Law Union and Rock.
Others listed include Custodian and Allied, Custodian Life, Wapic General Allco General, AXA Mansard, Prestige Assurance, Nem Insurance Regency Insurance and Lasaco Assurance Plc.
The statement further explained that the commission also approved the reports of the following companies within the period under review, Unity Kapital Assurance, conerstone Insurance, Fin Insurance, Royal Exchange General, Leadway Assurance Plc, Old Mutual General Insurance Plc, Staco Assurance, Mutual Benefit Life Assurance, Sovereign Trust Insurance, NSIA Insurance, and Standard Alliance Life.
The commission also listed insurance firms whose accounts were not approved due to discrepancies and unexplained statements of account in their submitted financial statements to NAICOM.
They include Guinea Insurance, ARM Life, Niger Insurance, Nigeria Reinsurance Corporation, United Metropolitan Nigeria Life, Standard Alliance General Insurance, Linkage Assurance, Sterling Assurance and KBL Insurance.
The commission explained that the firms are required to present their accounts in accordance with the best International Finance Reporting requirements in relationship to the Insurance sector.