Insurance World

NAICOM Refutes Report Of Sanctioning 14 Firms Over Non Submission Of 2017 Financial Accounts

BY NKECHI  NAECHE—–National Insurance Commission (NAICOM) on Tuesday debunked report by a media organization ( not BusinessToday Online) that it has sanctioned 14 insurance companies for failing to submit their 2017 financial accounts.

The commission made its stand known through a statement released by the commission’s Director of corporate communications, Salami Rasaaq that the commission is shocked at this display of ignorance and total lack of knowledge by these media.

According to the commission the report is not true and must be disregarded by the general public and the insuring community.

The statement further reads: “NAICOM hereby states that it has not sanctioned any insurance company for failure to submit it’s 2017 accounts as claimed in the said news reports. Please note that the deadline for submission of financial reports by insurance companies to the Commission is June 30th.

“Thus, no insurance company could be said to be at default when the year is still in April. The Commission therefore urges the Media to seek clarifications on issues they are ignorant of before publishing in order not to mislead the public”.

NAICOM had last week said that 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).

It also 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 other companies that are yet to submit their accounts will have to pay a daily fine of N5,000 after June 30, 2018 which is the deadline for submission of their 2017 accounts pending when they submit their accounts.

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