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Chuks udo Okonta
The National Insurance Commission (NAICOM) today said it has approved the 2015 financial accounts of 31 insurance and reinsurance firms.
The Head, Corporate Affairs NAICOM, ‘Rasaaq ‘Salami, told Inspen that 38 firms have so far submitted that accounts, adding that two accounts, which were earlier queried and resubmitted, after the issued raised, were addressed, are being reviewed.
He said four accounts were queried and sent back and one that is just received is being reviewed.
The number of firms that have submitted their accounts is an indication that insurance companies are gradually aligning with the rules of the International Financial Reporting Standard (IFRS).
Firms that are yet to submit their accounts have up to June 30, 2016, which is the deadline, set by NAICOM for submission of accounts.