Operators in suspense over regulatory reviews
Stories by Rosemary Onuoha
THE National Insurance Commission, NAICOM, has queried the financial statements of Equity Assurance Plc, Zenith Life Assurance Company as well as Zenith General Insurance Company.
In a report on the status of 2017 financial statements of insurance companies as at April 19, 2018, released by NAICOM, the financial results of KBL Insurance, Linkage Assurance, Mutual Benefits Life Assurance, as well as Mutual Benefits Assurance Plc are still under review.
According to NAICOM, the financial results of affected companies are yet to conform to requirements of the International Financial Reporting Standards (IFRS).
Also, financial results of Old Mutual Nigeria Life and Old Mutual Nigeria General Life are undergoing supervisory review while that of Great Nigeria Insurance as well as Niger Insurance are undergoing analyst review.
The reviews are putting the operators in the industry in frenzy as big sticks could be handed down on errant companies.
Companies whose financial results have been approved are Continental Reinsurance Plc, Custodian Life Assurance Plc, Custodian and Allied Insurance, FBN General Insurance, FBN Life Insurance, Axa Mansard, Regency Alliance Insurance, Law Union & Rock, Wapic Insurance, Nem Insurance, Lasaco Assurance, Prestige Assurance, Consolidated Hallmark, Ensure Insurance, Aiico Insurance, Guinea Insurance, Wapic Life Insurance, as well as Leadway Assurance.
Meanwhile, companies that are yet to submit their accounts have up to June 30, 2018 to do so while failure to comply will result to a daily fine of N5,000.
The Insurance Act 2003 requires insurance firms to submit their financial statements on or before June 30th every year, or face daily fine of N5,000 for each day of default pending when they are able to comply.