BY NKECHI NAECHE——Ahead of June 30th deadline, the National Insurance Commission (NAICOM), said it has approved the 2017 financial accounts of Old Mutual General Insurance Company Nigeria Limited and Old Mutual Life Assurance Company Limited.
With this, the total number of insurance firms that have received approval as at today stands at 20.
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.