Chuks Udo
Okonta
Director-General
Nigerian Insurers Association (NIA), Sunday Thomas, has said the challenges
being faced by underwriters on aligning their accounts with the International
Financial Reporting Standard (IFRS) would be surmounted gradually in years
ahead.
He told Inspen in an interview that the
migration to IFRS would not happen overnight, adding that operators are making
frantic effort to ensure that their accounts comply with the directive.
He said: “I
am aware that all our members are making effort to comply. The issue is not a
case of not having an account, but ensuring that the account conforms to the
new directive.
After this
year, from next year, operators would begin to improve over time, until they
get it totally right. If we say the migration is going to happen overnight, we
would be deceiving ourselves.”
He said the
association is worried over the challenge faced by operators, adding that they
should be giving some time to master the new accounting process.
According to the National Insurance Commission (NAICOM), as at last week
only five firms’ 2012 International Financial Reporting Standard (IFRS)
compliant accounts have been approved.
NAICOM said 22 firms have so far submitted their results, adding that the approved accounts are those of Masard Insurance Plc,
ADIC Insurance WAPIC Insurance Plc,
Oasis Insurance and Consolidated Hallmark Insurance.
It noted that the responses made by
First Bank Life Assurance and AIICO Insurance are under review.
The commission said the account of Law Union and Rock insurance has been
queried and that the commission is awaiting the firm's response.
It noted that review is in process on the accounts of UBA Metropolitan
Life, Custodian and Allied, NEM, Crusader General, Crusader Life, Zenith
General, Zenith Life, FIN Insurance, Standard Alliance Life, Crystal Life,
Sterling Assurance, Leadway Assurance, Wapic Life and Industrial and General
Insurance
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