NAICOM approves 39 insurance firms’ 2016 accounts

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Chuks Udo Okonta

National Insurance Commission (NAICOM) has approved 39 insurance companies 2016 accounts out of 48 that have so far submitted their results.

According to NAICOM, as at July 3, 2017, the accounts of 39 firms have been approved, those of two firms were queried, review of six accounts are in process while the response sent by one company is under review, this revealed that Insurance firms are getting used to the International Financial Reporting Standards (IFRS).

The accounts already approved were: FBN General Insurance; Wapic Life; ensure Insurance; Continental Reinsurance; Zenith General Insurance; FBNInsurance; Consolidated Hallmark Insurance; AIICO Insurance; Leadway Assurance; Mutual Benefit Assurance Sovereign Trust Insurance; Anchor Insurance and more

NAICOM noted that the response sent by Guinea Insurance on her account is under review, while the accounts of Nigeria Reinsurance Corporation and KBL Insurance Limited were queried.

The commission said it is still reviewing the accounts submitted by Nigerian Agricultural Insurance Corporation; Equity Assurance; Capital Express; Universal Insurance Plc; UNIC Insurance Plc and Saham Unitrust Insurance Nigeria Limited.

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