NAICOM Set To Suspend Six Insurance Firms

The National Insurance Commission NAICOM is set to suspend six insurance firms for non-compliance with the extant law of the Insurance Act 2003 on the International Financial Reporting Standards (IFRS).

According to a report released by NAICOM and obtained by The Tide titled financial statement of Insurance Companies as at December 20, 2013 stated that the Insurance firms have failed to submit for approval their financial status.

The six insurance firms yet to submit their financial statement as the deadline approaches by midnight of December 31 are, Industrial and General Insurance Plc. International Energy Insurance Plc, NICON Insurance, Alliance and General Alliance General Life Assurance Plc and Goldlink Insurance Plc.

The report further said eight Insurance firms out of 22 Insurance firms on the waiting approval list of NAICOM had finally submitted their financial report to meet the stipulated statutory deadline.

The eight insurance firms that got NAICOM’s approval include, Oceanic Insurance Company Limited, Crystal Life Insurance, Mutual Benefits Life Assurance Limited, Lasaco Assurance Plc, Mutual Benefit Assurance Plc, Nem Insurance Plc, Linkage Assurance Plc, and Union Assurance.

When The Tide visited one of the insurance firms on Ikwerre Road, an official who pleaded anonymity told The Tide that the company’s management in Lagos are working round the clock to beat the deadline today.

He said “as I speak with you our management are in Abuja at NAICOM headquarters to submit our financial statement to beat NAICOM’s deadline”.

He said, his company is financial okay as one of the leading insurance firms in the country.

NAICOM is the statutory regulatory body set up by the Federal Government to regulate the affairs of insurance firms in the country.

Philip Okparaji