INSPENONLINE: Insurers’ IFRS accounts rattle auditors, as nine firms get NAICOM approval

Thursday 29 August 2013

Insurers’ IFRS accounts rattle auditors, as nine firms get NAICOM approval

Chuks Udo Okonta

The competence of internal and external auditors of most insurance companies has been challenged by their inability to seamlessly transit to the international Financial Reporting Standard (IFRS).

The queries and rejections of most operators’ 2012 financials by the National Insurance Commission (NAICOM), is an indication that the era of cut and paste of accounts are over.

According to NAICOM, as at Tuesday, August 27, only Nine out of 61 underwriters have met the required standard and their 2012 IFRS compliant financial accounts approved, while 31 have submitted their accounts.

The approved accounts are those of Mansard Insurance PLc; ADIC Insurance Limited; WAPIC Insurance Plc; Consolidated Hallmark Insurance; Oasis Insurance Plc; FBN Life Assurance Limited; Continental Reinsurance Company Plc; AIICO Insurance Plc and Leadway Assurance Company Limited.

Those their responses under review are Custodian & Allied Insurance Plc; Unitrust Insurance Company Limited; Crusader General Insurance Limited; Crusader Life Insurance Limited and UBA Metropolitan Life Insurance Company.

Those of NEM Insurance Plc; Law Union & Rock Insurance Company

Plc; Zenith General Insurance Limited; Zenith Life Insurance Limited; Standard Allied Life Assurance; Crystal Life Insurance; Sterling Assurance Nigeria Limited; Sovereign Trust Insurance Plc; FIN Insurance Limited and Unity Kapital Assurance Plc are queried and awaiting responses.

The accounts placed under review in process were those of Equity Assurance Plc; Wapic Life Assurance Limited; Oceanic (Old Mutual); Lasaco Assurance Plc; Prestige Assurance Plc; PHB Insurance Plc and Regency Alliance Company.

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integrated shield plan; 17 June 2020 at 00:18

Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

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