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Chuks Udo Okonta
Integrating operations with the International Financial Reporting Standard (IFRS) 17 has impacted much on finances of insurance companies, as they spent between N50 million to N100 million on paying consultants; buying or leasing required software, a feat many ailing firms are battling to achieve.
Some managing directors, whose companies had scaled the IFRS 17 hurdles, paving the way for approval of their year 2023 financial accounts, told Inspenonline that the race to bracing the regulator’s tape was tough, as they have to spend about N100 million in paying renowned IFRS 17 experts, auditors and acquiring the software.
Inspenonline also learnt from some embattled firms that are yet to scale the hurdles, that consultants are asking for N100 million to help them integrate their operations.
They submitted that they wouldn’t be able to afford such amount, hence would continue to seek consultants that would come to their aid.
This medium also gathered that many of the successful companies, had to opt for leasing of the software, as against acquiring brand new, due to fear that it can be rendered obsolete anytime by the government.
Observers have expressed worries on how the embattled firms, that are yet to comply would be able to withstand the huge cost, even as those that have complied are lamenting over the cost.
According to the National Insurance Commission (NAICOM) 44 companies from insurance, reinsurance and takaful operations had secured approval for 2023 financial accounts, produced in line with IFRS 17.
The Insurance Act provides June 30 deadline for insurance entities to submitted their last year financial accounts to NAICOM, or face a daily fine of N5,000
According to NAICOM the 44 firms that have secured approval for their 2023 financial accounts as at September 23, 2024 are:
*STANBIC IBTC INSURANCE COMPANY
*NEM INSURANCE PLC
*ZENITH GENERAL INSURANCE LIMITED
*CONSOLIDATED HALLMARK INSURANCE LIMITED
*CUSTODIAN AND ALLIED INSURANCE LIMITED
*CUSTODIAN LIFE ASSURANCE LIMITED
*SUNU ASSURANCES NIGERIA PLC
*AXA MANSARD INSURANCE PLC
*AIICO INSURANCE PLC
*VERITAS KAPITAL ASSURANCE PLC
*SOVEREIGN TRUST INSURANCE PLC
*LINKAGE ASSURANCE PLC
*INTERNATIONAL ENERGY INSURANCE PLC
*PRESTIGE ASSURANCE PLC
*GUINEA INSURANCE PLC
*CORONATION INSURANCE PLC
*CORONATION LIFE ASSURANCE LTD
*FBS REINSURANCE COMPANY LTD
*CORNERSTONE INSURANCE PLC
*FIN INSURANCE COMPANY LTD
*SALAM TAKAFUL INSURANCE LIMITED
*JAIZ TAKAFUL INSURANCE LIMITED
*TANGERINE GENERAL INSURANCE LIMITED
*TANGERINE LIFE INS COMPANY LTD
*LEADWAY ASSURANCE LIMITED
*UNIVERSAL INSURANCE PLC
*CONTINENTAL REINSURANCE LIMITED
*OLD MUTUAL LIFE ASS NIG LIMITED
*OLD MUTUAL GEN INS COY NIG LIMITED
*NSIA INSURANCE COMPANY LIMITED
*ANCHOR INSURANCE COMPANY LIMITED
*NOOR TAKAFUL INSURANCE COMPANY LIMITED
*STERLING ASSURANCE PLC
*SANLAM LIFE INSURANCE LIMITED
*REX INSURANCE LIMITED
*UNITRUST INSURANCE COMPANY LIMITED
*SANLAM GENERAL INSURANCE LIMITED
*HEIRS GENERAL INSURANCE LIMITED
*KBL INSURANCE COMPANY LIMITED
*ALLIANZ NIGERIA INSURANCE COMPANY LIMITED
*CAPITAL EXPRESS ASSURANCE LTD
*REGENCY ALLIANCE INSURANCE PLC
*LASACO ASSURANCE PLC
*HEIRS LIFE ASSURANCE LTD
