The National Insurance Commission (NAICOM) says it has approved 39 out of 49 insurance companies’ 2016 financial reports.
Head of Corporate Affairs, Rasaaq Salami, in a statement on Thursday noted that reports of two companies – Nigeria Reinsurance Corporation and KBL Insurance Limited – were queried, while eight were undergoing review.
Reports under review are those of Guinea Insurance, African Alliance Insurance, Nigeria Agriculture Insurance Cooperation, Equity Assurance, Capital Express Insurance, Universal Insurance, Saham Unitrust Insurance and UNIC Insurance Plc.
Companies with approved reports are FBN Insurance, Wapic Life, Ensure Insurance, Continental Reinsurance, Zenith General Insurance, Zenith Life assurance and Consolidated Hallmark, Custodian and Allied and Custodian Life Insurance.
Others are Law Union and Rock, Wapic General, AIICO Insurance, AXA Mansard, Prestige Assurance, Nem Insurance Plc, Regency Insurance Plc, Lasaco Assurance, UnityKapital Assurance, Cornerstone Insurance, Fin Insurance Plc, Linkage Assurance, Sterling Assurance, ARM Life.
The list includes Royal Exchange General, Leadway Assurance Plc, Old Mutual Life Insurance, Staco Assurance, Royal Prudential Life and Mutual Benefit Life assurance Plc companies, Sovereign Trust Insurance, NSIA Insurance, Standard Alliance Life Assurance, Anchor and Standard Alliance General Insurance.
NAICOM, the apex body that regulates and supervises the Nigerian insurance sector, requires insurance firms to submit their financial statements on or before March 31.
The Insurance Act imposes a daily fine of N5,000 on firms that fail to meet the March 31 deadline for the submission of their accounts.
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