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Chuks Udo Okonta
Insurance operators have called on the National Insurance Commission (NAICOM) to provide specific help desks that would help resolve issues relating to financial reporting.
The Chairman Risk Management and Compliance Committee of the Nigerian Insurers Association (NIA), David Igiehon, said this in a report the committee submitted to the association.
He noted that operators need assistance from the commission in the handling of financial reports like, audit; ERM; Anti-Money Laundering compliance and other regulatory matters.
Igiehon also observed that several reports from NAICOM are often cumbersome, thereby requiring in some instance, considerable re-configuration of reporting entities’ system and processes, adding that the issue accounts for the delay in returns submission.
He called on NAICOM to give stakeholders enlightenment on market conduct and prudential guidelines and cleared issues of inconsistencies in the guideline.
He charged companies’ managements to ensure directives and circulars from NAICOM, reach chief compliance officers of insurance firms, for prompt and appropriate actions.