Guinea, Unic, eight others yet to submit 2012 accounts

Chuks Udo Okonta

Barely a month to the end of the year, 10 insurance firms have failed to submit their 2012 financial accounts to the National Insurance Commission (NAICOM) as required by the law.

 NAICOM in a circular entitled: submission status of 2012 financial statements of insurance companies as at monday, November 26, 2013, named the erring firms as,

Alliance & General; Alliance & General Life Assurance Plc; Goldlink Insurance; Spring Life Assurance Plc; Guinea Insurance Plc; Industrial & General Insurance Plc; International Energy Insurance Plc; Investment & Allied Assurance Company Limited; Unic Insurance Plc and NICON Insurance plc.

The commission noted that 50 firms have submitted, while 28 have been approved, the responses made by seven firms whose accounts were queried are being reviewed.

 The accounts submitted by seven other firms were queried and responses being awaited and eight accounts are being reviewed.

Those approved are 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; Prestige Assurance Plc; FIN Insurance Limited; Equity Assurance Plc; Sterling Assurance Nigeria Limited; Law Union & Rock Insurance Company Plc; Oceanic (old Mutual)and Cornerstone Insurance Plc.

The accounts queried and awaiting responses are those of  Wapic Life Assuarance Limited; Nem Insurance Plc; Crystal Life Insurance Plc; PHB Insurance Plc; Lasaco Assuarnce Plc; Great Nigeria Insurance and Lasaco Life Assurance; Linkage Assurance, Union Assurance, Nigeria Reinsurance Corporation and The Universal Insurance Company Limited.

While the accounts being reviewed are Staco Insurance; Capital Express; Standard Alliance; Mutual Benefits; African Alliance; Anchor Insurance and Nigerian Agriculture Insurance Corporation.