Among the seven insurance companies that have submitted their 2013 financial accounts complaint to the International Financial Reporting Standard (IFRS) to the National Insurance Commission (NAICOM), four of them are currently undergoing review.
According to a submission status on NAICOM website, three underwriting firms have their accounts approved, while the results of the remaining four insurance companies are undergoing review. The Commission is to ensure that the financials meet the required standard, before they are finally approved.
The companies whose accounts are undergoing review include; Zenith Life Insurance Limited, NSIA Insurance Limited, FBN Life Assurance Limited and Cornerstone Insurance Plc.
The accounts of Custodian Life Assurance Limited, Custodian General Insurance Limited and Mansard Assurance Plc have been approved by NAICOM.
Accordingly, these companies are free to hold their Annual General Meeting any time, where shareholders would have the opportunity to assess the performance of the company in the current financial year and state their observations.
Experts consider this development an improvement to what obtained last year, where majority of insurance companies submitted their 2012 financial accounts late, as they struggled to adopt the IFRS.
It will be recalled that NAICOM carried out series of trainings on IFRS for insurance operators penultimate year as well as last year and as it appears, operators seem ready to put what they had learnt into practice.
However, a couple of insurers are still lagging behind and experts are hopeful that they too will soon catch up.