INSPENONLINE: NAICOM approves 13 insurers accounts

Tuesday 24 September 2013

NAICOM approves 13 insurers accounts

Chuks Udo Okonta

The National Insurance Commission (NAICOM) has approved the 2012 accounts of 13 underwriters out of the 35 firms that have submitted their financial reports, Inspen has learnt.

The commission noted that as at Monday, September 16, it has approved the accounts of Mansard Insurance Plc; ADIC Insurance Limited; WAPIC Insurance Plc; Consolidated Hallmark Insurance; Oasis Insurance Plc, FBN Life Assurance Limited and Continental Reinsurance Company Plc.

Others are AIICO Insurance Plc, Leadway Assurance Company Limited, Crusader General Insurance Limited, Crusader Life Insurance Limited, UBA Metropolitan Life Insurance Company and Zenith Insurance Company Limited

NAICOM said the accounts of Custodian & Allied Insurance Plc; Law Union & Rock Insurance Company Plc; Regency Alliance Insurance Plc; Standard Allied Life Assurance and Unitrust Insurance Company Limited responses from the query made on their accounts are under review.

The accounts of Crystal Life Insurance; Zenith Life Insurance Limited; Sterling Assurance Nigeria Limited; Sovereign Trust Insurance Plc; FIN Insurance Limited; Unity Kapital Assurance Plc; Wapic Life Assuarance Limited; Nem Insurance Plc; Prestige Assurance Plc; Oceanic (old Mutual);

PHB Insurance Plc; Royal Exchange Assurance Plc and Equity Assurance Plc were queried and the NAICOM is awaiting their responses

Accounts under review are those of Royal Prudential Life Assurance Plc; Lasaco Assuarnce Plc; Cornerstone Insurance Plc and Great Nigeria Insurance.

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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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