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Chuks Udo Okonta
In spite that they transact businesses, three insurance firms have resolved to keep their financial status in secrecy, flouting the law which mandates them to submit their accounts at the end of each financial year to the industry regulator for approval.
According to the National Insurance Commission (NAICOM) the firms – Spring life insurance; Alliance & General Insurance and Alliance & General Life Assurance are yet to submit their 2010 financial accounts.
The commission noted that NICON Insurance; Unic Insurance and International Energy Insurance are still holding on to their 2013 and 2014 accounts.
The regulator also noted that some of the errant firms are yet to submit their 2015 quarterly returns.
Insurance companies according to the Insurance Act are required to submit their accounts by June 30 every year or be fined N5000 daily for infractions. But most firms prefer budgeting for the fine in contrary to stipulated law It was learnt.