Insurance World

2017 Accounts: NAICOM Withholds Approval for 14 Insurance Companies

BY NKECHI NAECHE—-The National Insurance Commission (NAICOM) on Saturday said as at 19th of April, 2018 it has approved the 2017 accounts of 18 insurance companies, leaving out about 14 others that were among the 32 firms that have so far submitted in line with the International Financial Reporting Standards (IFRS).

NAICOM said that two companies’ accounts are still being reviewed while three others were queried while four others are under analyst review and two others are under supervision review.

The commission’s director of corporate communications, ‘Salami ‘Rasaaq disclosed this to BusinessToday Online that some companies under supervision review are: Old Mutual Life and Old Mutual General Insurance while KBL Insurance is under review and Zenith Life and general are queried.

The other companies that are yet to submit their accounts will have to pay a daily fine of N5,000 for failing to meet the June 30, 2018 deadline for submission of their 2017 accounts pending when they submit their accounts.

NAICOM regulation requires insurance firms to submit their financial statements on or before June 30th every year, else they would be barred from engaging in further business activities

The Commission maintained that the decision to impose sanctions on defaulting companies became necessary, as their action deprives the Commission, policyholders, insurance intermediaries, analysts and other stakeholders of the relevant information about their performance and financial conditions.

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