Thursday 22 August 2013

NAICOM approves eight IFRS accounts


 

 

Chuks Udo Okonta

 

 

Eight underwriters’ 2012 International Financial Reporting Standard (IFRS) compliant financial accounts, have so far been approved by the National Insurance Commission (NAICOM), Inspen has learnt.

The commission in publication, stated that as at Monday, August 19, it has received the accounts of 31 underwriters, adding that the accounts of Mansard Insurance Plc, ADIC Insurance Limited, WAPIC Insurance Plc, Consolidated Hallmark Insurance, Oasis Insurance Plc, FBN Life Assurance Limited, Continental Reinsurance Company Plc and AIICO Insurance Plc have been approved

 

NAICOM noted that the responses made on the accounts of NEM Insurance Plc, Custodian and Allied Insurance Plc, Unitrust Insurance Company Limited, Crusader General Insurance Limited, Leadway Assurance Company Limited and Crusader Life Insurance Limited are under review.

 

It noted that accounts submitted by Law Union & Rock Insurance Company, Zenith General Insurance Limited, Zenith Life Insurance Limited, Standard Allied Life Assurance, Crystal Life Insurance, Sterling Assurance Nigeria Limited, Sovereign Trust Insurance Plc and UBA Metropolitan Life Insurance were queried and it is awaiting their responses.

 

The commission said review is in process on the accounts of Equity Assurance Plc, Wapic Life Assuarance Limited, FIN Insurance Limited, Oceanic (old Mutual) Insurance, Lasaco Assuarnce Plc, Prestige Assurance Plc, Unity Kapital Assurance Plc, PHB Insurance and Regency Alliance Company.

 

 

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