INSPENONLINE: NIA set for post IFRS implementation challenges

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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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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