40 insurance companies meet IFRS standard, get NAICOM approval


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40 insurance companies have so far submitted their accounts to the National Insurance Commission (NAICOM), ahead of the June 30th deadline.

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.

The Director of Supervision of NAICOM, Mr Nicholas Opara made this known at the 8th seminar for Insurance Correspondents in Ilorin, Kwara State that 40 insurance companies have submitted their accounts as at yesterday.

Opara said that out of the 40, the Commission has approved 26 accounts of the companies while 13 of them are yet to get approval due to observations made by the Commission which the companies  must correct before they get their accounts okayed and one is still under review by NAICOM.

Opara said that NAICOM is waiting on the 13 companies to address the issues observed in their accounts and re-submit for approval.

He said, “40 insurance companies have already submitted their accounts to NAICOM. And out of the 40, 26 have Ben duly approved. NAICOM made observations on 13 of them for corrections by the companies while one is still under review”

In what seemed like a valedictory message from the Commissioner for Insurance, Mr Fola Daniel whose tenure ends in August this year, said insurance industry has huge potential that could match with South Africa insurance sector.