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32 insurers yet to submit 2012 accounts – NAICOM

By on August 8, 2013

Seven months after the close of year 2012, 32 insurance companies are yet to submit their financial reports to the National Insurance Commission (NAICOM) for approval, the commission has hinted.

In spite of the fact that section 26 of the Insurance Act 2003 stipulates that insurance companies shall not later than June 30 submit their financial reports for the previous year to NAICOM, only 28 out of the 60 insurance firms operating in Nigeria have submitted their 2012 accounts as at the end of July 2013, the commission revealed.

Section 26 of the Insurance Act 2003 provides that every insurer shall not later than 30th June of each year submit in writing to NAICOM, a balance sheet duly audited showing the financial position of the insurance business of the insurer and its subsidiaries at the close of that year.

According to NAICOM, out of the 28 companies that have submitted their International Financial Reporting Standards (IFRS) based accounts, the accounts of seven insurance firms have been approved, while the accounts submitted by eight other insurers have been queried and responses from the affected companies are now being awaited.

The commission also informed that while one insurance firm has already sent in its responses which are now being reviewed, the accounts of 12 insurers are under review.

Specifically, the accounts of Mansard Insurance Plc, ADIC Insurance Company, WAPIC Insurance Plc, Consolidated Hallmark Insurance, and Oasis Insurance Plc, FBN Life Assurance Limited and Continental Reinsurance Plc have been approved.

NAICOM added that the accounts submitted by AIICO Insurance Plc, Law Union & Rock Insurance Company Plc, Custodian & Allied Insurance Plc, Crusader General Insurance Limited, Crusader Life Insurance Limited, Crystal Life Insurance, Sterling Assurance Nigeria Limited, and Leadway Assurance Company Limited have been queried and responses from the affected companies are now being awaited.

The commission also informed that while NEM Insurance Plc has already sent in its responses which are now being reviewed, the accounts of Zenith General Insurance Limited, Zenith Life Insurance Limited, FIN Insurance Limited, Standard Alliance Life Assurance, Wapic Life Assurance Limited, UBA Metropolitan Life Insurance Company, Equity Assurance Plc, Sovereign Trust Insurance Plc, Oceanic (Old Mutual), Unitrust Insurance Company Limited, Lasaco Assurance Plc and Prestige Assurance Plc are under review.

This development is taking place in spite of the various efforts made by NAICOM to facilitate the seamless finalisation of IFRS based financial statements and statutory returns by the insurance outfits.

 

 
[Daily Independent]

2 Comments

  1. egun

    August 8, 2013 at 11:07 am

    What is the problem really. I suspect that even the NAICOM is having issues with capacity and is trying to shift blame to the companies. Talk of the issuing of a revised model after year end. I even heard that one of the earliest approved accounts is no longer tenable because NAICOM is now more aware than when it first approved those accounts. You guys should put yourselves together and stop messing up the battered industry.

    Also, what is all the money they collect as levies and sanctions used for – Salaries and allowances of staff and directors and to travel across the globe??????

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