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21 insurers fail to submit 2012 accounts to NAICOM

By BusinessNews Staff on October 10, 2013

In spite of the fact that section 26(1) of the Insurance Act 2003 stipulates that every insurer shall not later than 30th June of each year submit to the National Insurance Commission (NAICOM), a balance sheet duly audited showing the financial position of the insurer and its subsidiaries at the close of the preceding year, 21 out of the 60 insurance companies operating in the country are yet to submit their accounts to the commission as at October 7, 20013.

More than nine months after the close of year 2012, NAICOM states that out of the 60 licensed insurers, only 17 have got approval for their financial reports, while 21 are yet to submit their accounts to the commission.

NAICOM disclosed that out of the 39 companies that have submitted their International Financial Reporting Standards (IFRS) based accounts, the accounts of 17 insurance firms have been approved, while the accounts submitted by 12 others have been queried and responses from the affected insurers are now being awaited. Six other insurers have sent in responses and the remaining four accounts are under review.

As at the time of writing this report, the companies whose accounts were yet to reach the commission are: Anchor Insurance Company Limited, Alliance & General Insurance Company Limited, Alliance & General Insurance Life Assurance, African Alliance Insurance Plc, Capital Express Assurance Limited, Goldlink Insurance Plc, Guinea Insurance Plc, Industrial & General Insurance Plc, International Energy Insurance Plc and Investment & Allied Assurance Company Plc.

Others are Mutual Benefits Assurance Plc, Mutual Benefits Life Assurance Limited, NICON Insurance Plc, Nigerian Agricultural Insurance Corporation, Oceanic Insurance Company Limited, STACO Insurance Plc, Standard Alliance Insurance Plc, Spring Life Assurance Plc, Universal Insurance Plc, UNIC Insurance Plc, and Union Assurance Company Limited.

The insurers whose accounts have been approved are Mansard Insurance Plc, ADIC Insurance Company, WAPIC Insurance Plc, Consolidated Hallmark Insurance, Oasis Insurance Plc, FBN Life Assurance Limited, Continental Reinsurance Plc, AIICO Insurance Plc, Leadway Assurance Company Ltd, Crusader General Ins. Ltd, Crusader Life Ins. Ltd, UBA Metropolitan Life Ins. Company and Zenith Insurance Company Ltd.

In accordance with section 26(3) of the Insurance Act, the insurers that have failed to file the returns and accounts to NAICOM, commit an offence and each is liable to a fine of N5,000 per day for each day of default.

[Daily Independent]

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