Insurance

Committee tackle NAICOM over cumbersome reporting procedure

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Chuks Udo Okonta

The Risk Management and Compliance Committee of the Nigerian Insurers Association (NIA) says the cumbersome report formats issued by the National Insurance Commission (NAICOM) is responsible for delays in submission of companies reports.

The committee said this in a report presented to the association and published in the annual and accounts 2015/2016.

“Several report formats from NAICOM are often cumbersome, requiring in some instances, considerable re-configuration of reporting entities’ systems and processes. This accounts for delays in returns submission,” the committee said.

The committee has urged NAICOM to provide specific help desks to resolve issues relating to financial reporting, audit, ERM, AML, compliance and other regulatory matters.

It also urged the regulator to give stakeholders enlightenment on market conduct and prudential guidelines, issue of the inconsistencies in the guideline to be clarified.

Head Corporate Affairs, National Insurance Commission (NAICOM) ‘Rasaaq ‘Salami, responding to the allegation, said the regulator has right to demand whatever it considered good for the industry. He maintained that operators cannot blame the regulator for reporting formats which are tailored in line with the International Financial Reporting Standard (IFRS), which is a global standard.

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