Tuesday 15 October 2013

NAICOM approves Sovereign Trust Insurance 2012 IFRS complaint account


Chuks Udo Okonta

The 2012 International Financial Reporting Standard (IFRS) complaint account of Sovereign Trust Insurance Plc, has been approved by the National Insurance Commission (NAICOM), Inspen has learnt.

According to the submission status of 2012 financial statements of insurance companies as at Monday, october 14, released by NAICOM, 21 other firms made the approval list, while 42 have submitted their accounts.

The approved firms include, Mansard Insurance; ADIC Insurance Limited; WAPIC Insurance Plc; Consolidated Hallmark Insurance; Oasis Insurance Plc; FBN Life Ass Limited; Continental Reinsurance Company Plc; AIICO Insurance Plc; Leadway Assurance Company Limited; Crusader General Insurance Limited; Crusader Life Insurance Limited; UBA Metropolitan Life Insurance Company; Zenith Insurance Company Limited; Unitrust Insurance Company Limited; Unity Kapital Assurance Plc.

Others are Standard Allied Life Assurance; Custodian & Allied Insurance Plc; Regency Alliance Company; Royal Exchange Assurance Plc; Sovereign Trust Insurance Plc; Zenith Life Insurance Limited and Royal Prudential Life Assurance Plc.

The responses made on the accounts of Prestige Assurance Plc; FIN Insurance Limited; Equity Assurance Plc; Sterling Assurance Nigeria Limited are said to be under review.

The accounts queried and awaiting responses are those of Law Union & Rock Insurance Company Plc; Wapic Life Assuarance Limited; Nem Insurance Plc; Crystal Life Insurance Plc; Oceanic (old Mutual); PHB Insurance Plc; Lasaco Assuarnce Plc; Cornerstone Insurance Plc; Great Nigeria Insurance and Lasaco Life Assurance.

While the accounts being reviewed are Niger Insurance Plc; Nigeria Reinsurance Corporation; Linkage Assurance Plc; Oceanic Insurance Company Limited; The Universal Insurance Company Limited and Union Assurance Limited.

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