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Insurance brokers to turn in arrears of annual account to FRC

Code of Corporate Governance under review — NCRIB

by Favour Nnabugwu

IN a bid to ensure compliance with extant laws on financial reporting, the Nigerian Council of Registered Insurance Brokers (NCRIB) has taken up responsibility of turning in audited accounts of member companies to the Financial Reporting Council (FRC).

Vanguard learnt that about 350 of such companies with four years arrears of account are being worked on for this purpose. The account will cover 2013 to 2016

The President of The Nigerian Council of Registered Insurance Brokers, Mr Emmanuel Kayode Okunoren, made this known while briefing the NCRIB members during the Council’s Members’ Evening in Lagos last week.

Okunoren stated: “The FRC agreed that the NCRIB should henceforth undertake the submission of its members’ approved accounts and that no fine would be imposed on the members.”

“It was agreed that the accounts submitted would be reviewed by FRC based on the concerns raised by the regulators and that the FRC would collaborate with the NCRIB to organize enlightenment programme for Brokers.”

He called on member companies to submit their audited accounts for the years urgently.

He also noted that the FRC has charged the Council to ensure that brokers  register their companies, Chief Executive Officers and Chief Financial Officers with the FRC, as well as update their membership.

He also stated: “It was most heart-warming that the FRC Management promised that the FRC would be pro-business and pro-development. It is my hope that members would take advantage of the concessions and continue to live up to the responsibilities by registering with the Council and submitting their audited accounts promptly.”

On brokers compliance to the Code of Corporate Governance, the    NCRIB president affirmed that that most of its members are small entities hence    the Code had been suspended and presently under review.

“It was agreed that the new Code would take cognizance of the peculiarities of different sectors and that the exposure draft would be made available in due course for review by the public before coming into force.”


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