NAICOM Approves Insurance Firms’ Financial Statements

The National Insurance Commission (NAICOM) has approved the 2012 financial statements of three out of 18 insurance companies as at July 1.

This was contained in a statement made available to newsmen on Saturday in Lagos, by  the Manager, Corporate Affairs of NAICOM, Mr Salami Rasaq.

According to the statement, the three companies are: Mansard Insurance Plc., ADIC Insurance and WAPIC Insurance Plc.

“Out of the remaining 15 companies, three have their accounts queried and awaiting responses, three responses are under review, while nine responses’ reviews are in process, ’’ it said.

The statement said that the financial statements of FBN Life Assurance Plc., Continental Reinsurance Company Plc., and Law Union and Rock Insurance Plc had been queried and their responses were being awaited.

It said that Consolidated Hallmark Insurance Plc., Oasis Insurance Plc., and AIICO Insurance Plc had their responses under review.

The statement added that Standard Alliance Insurance Plc., NEM Insurance Plc and Custodian and Allied Insurance Plc had their review in process.

The Tide recalls that June 30 of every year is the deadline given by NAICOM for all insurance companies to submit their financial statements, after which late submission would start attracting monthly fines.

Our checks reveal that this has to do with the transition from National Accounting Standards to International Financial Reporting Standards (IFRS), which took effect for quoted companies from 2012.

By this, all financial statements of quoted companies, including insurance companies, are expected to comply with the IFRS before their accounts are approved.