Staco, Capital Express, Standard Alliance submit 2012 accounts

Chuks Udo Okonta

Having been identified as defaulters by the National Insurance Commission (NAICOM), Staco Insurance Plc, Capital Express Assurance Limited and Standard Alliance Insurance Plc have at last, submitted their last year’s accounts.

The industry’s regulator stated this in a report issued today Monday, on its website.

With the submissions, NAICOM now awaits the accounts of 15 more firms - Guinea Insurance Plc; Industrial & General Insurance Plc; International Energy Insurance Plc; Mutual Benefits Assurance Plc; Mutual Benefits Life Assurance Company; Nigerian Agricultural Insurance Corporation; Unic Insurance Plc; NICON Insurance; Anchor Insurance and African Alliance.

 Also included are the troubled firms which are presently being managed by the commission. They are Alliance & General; Alliance & General Life Assurance Plc; Goldlink Insurance Plc; Spring Life Assurance Plc and Investment & Allied Assurance Company.

According to NAICOM’s status remarks, approved accounts include those of Sovereign Trust Insurance Plc; 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; Royal Prudential Life Assurance Plc and Sterling Assurance Nigeria Limited.

The responses made on the accounts of Prestige Assurance Plc; Lasaco Assuarnce Plc; Equity Assurance Plc; Crystal Life Insurance; Oceanic (old Mutual); PHB Insurance Plc; Cornerstone Insurance Plc and Great Nigeria Insurance were placed under review.

While those of FIN Insurance Limited, Law Union & Rock Insurance Company Plc; Wapic Life Assuarance Limited; Nem Insurance Plc; and Lasaco Life Assurance queried were being awaited

The accounts of Niger Insurance Plc; Nigeria Reinsurance Corporation; Linkage Assurance Plc; Oceanic Insurance Company Limited, Universal Insurance Company Limited and Union Assurance Limited were being reviewed.