Thursday 17 October 2013

NIA set for post IFRS implementation challenges


Chuks Udo Okonta

The Nigerian Insurers Association (NIA) has pledged to carry out an overview of post International Financial Reporting Standard (IFRS) implementation challenges to help member companies forestall the rigours they faced in getting their accounts approved by the National Insurance Commission (NAICOM).

 Inspen gathered that the Accounting Technical Committee of the NIA, which has played great role in the development of the industry’s IFRS template and harmonisation, will be saddled with this responsibility.

Observers believed the step would help operators consolidated the knowledge they have gathered in aligning their accounts to international best practices.

They noted that the effort would help reduce the stress the industry regulator NAICOM and operators are presently going through to comply with the IFRS requirements.

 

According to NAICOM only 22 firms’ 2012 accounts have been approval, while 42 have submitted their financial reports.

 

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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