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Chuks Udo Okonta
The National Insurance Commission (NAICOM) has released the names of 44 insurance, reinsurance and takaful firms that have secured approval on their 2023 financial accounts, while awaiting others that are battling to align with the International Financial Reporting Standard (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.
Inspenonline investigation revealed that 12 insurance firms are yet to submit their accounts.
It was gathered that many of the firms are still struggling with their consultants to align their accounts with the IFRS 17 directives.
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
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