The National Insurance Commission (NAICOM) has so far approved the 2014 financial accounts of eight insurance firms out of the 19 companies that have submitted their accounts to the regulatory body as at April 8.
The eight insurance companies are: Custodian Life Assurance Limited, Custodian and Allied Insurance Limited, FBN Insurance Limited, Mansard Insurance Plc, Wapic Life Assurance Limited, Wapic Insurance Plc, Law Union & Rock Insurance Company Plc and Oasis Insurance Plc.
The commission explained that the accounts submitted by Consolidated Hallmark Insurance, UBA metropolitan Life, AIICO Insurance Plc, Zenith Life Assurance and Zenith General Insurance Company Limited have been queried and responses from the affected operators being expected.
The accounts submitted by Prestige Insurance Plc, Continental Reinsurance Plc, Mutual Benefits General Insurance, Royal Exchange Prudential Life, ARM Life and NSIA Insurance are being reviewed.
This development took place 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 NAICOM, a balance sheet duly audited showing the financial position of the insurer and its subsidiaries at the close of the preceding year together with a copy of the relevant profit and loss account which the insurer is to present to its shareholders at its annual general meeting.
However, more than 15 months after the close of year 2014, a total of six insurance companies are yet to submit their 2013 International Financial Reporting Standards (IFRS) based accounts to the National Insurance Commission (NAICOM), the commission has disclosed.
They are Alliance & General Insurance, Alliance & General Life Assurance, Goldlink Insurance Plc, NICON Insurance Limited, Spring Life Assurance Plc and UNIC Insurance Plc.
It would be recalled that for the year 2012, eight insurance companies failed to submit their IFRS based accounts to NAICOM even after the end of year 2013.
Source : Independent