IFRS:NAICOM wants brokers to adopt share service concept

Opara

Chuks Udo Okonta

 The National Insurance Commission (NAICOM) has urged insurance brokers to embrace group formation in the preparation of their International Financial Reporting Standard accounts.

Director Supervision, NAICOM, Nicholas Opara, who disclosed this in an interview with Inspen, said the commission has had a meeting with the executive of the Nigerian Council of Registered Insurance Brokers (NCRIB) to inform them of the concept, adding that the adoption of share service concept would reduce cost and enable brokers forestall the challenges encountered by the underwriters.

He maintained that the commission is poised to handle the brokers’ accounts irrespective of their number, which is above 600.

Opara called on brokers to learn from the underwriters and avoid what would delay the approval of their accounts.   

Former President, NCRIB, Mrs Laide Osijo, said the council is working assiduously to assist members towards compliance with IFRS through share service scheme.

She noted that in view of the need to adapt to the changing global business and financial dynamics, the council has complied with the international financial reporting standard, adding that the financial statement of the council for year 2013 is being reported using the IFRS specifications.

 “It is heartening to report that the financial statement of the council for year 2013 is being reported using the IFRS specifications. In a similar vein, the council, established the Internal Audit Department and employed qualified auditors to man the Audit and Compliance Unit of the secretariat.

“It is noteworthy that through the efforts of the department, an operational manual has been evolved to enhance smooth operation of all the departments of the council. The council is working assiduously to assist members towards compliance with IFRS through shared service scheme.” Osijo said.