Chuks Udo Okonta
The National Insurance
Commission (NAICOM) said as at Wednesday July 10, it has approved five
underwriters' 2012 International Financial Reporting Standard (IFRS) compliant
accounts out of 22 firms that have so far submitted their results.
A statement by the Assistant
Director NAICOM, Salami ‘Rasaaq, said the approved
accounts are those of Masard Insurance Plc, ADIC Insurance WAPIC Insurance Plc, Oasis Insurance and
Consolidated Hallmark Insurance.
He noted that the responses made by First Bank
Life Assurance and AIICO Insurance are under review.
He said the account of
Law Union and Rock insurance has been queried and that the commission is
awaiting the firm's response.
He said review is in process on the accounts
of UBA Metropolitan Life, Custodian and Allied, NEM, Crusader General, Crusader
Life, Zenith General, Zenith Life, FIN Insurance, Standard Alliance Life,
Crystal Life, Sterling Assurance, Leadway Assurance, Wapic Life and Industrial
and General Insurance
Industry observers are indeed worry over the slow response by underwriters
towards the migration to IFRS. It was expected that the attitude of some
operators over the handling of their accounts would change in the new
dispensation, but results have shown that some are still comfortable with the
daily fine of N5, 000 that is stipulated in the Insurance Act.
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