Chuks Udo Okonta
The National Insurance Commission (NAICOM) may require underwriters' whose
financial accounts were approved late last year to reproduce their submitted
quarterly results, Inspen has learnt.
A source at NAICOM said the quarterly accounts may not be correct as they
were derived from the faulty 2012 accounts. The source said the operators may be charged to reproduce their quarterly accounts from the approved results.
He said the commission is working hard to address the issues, stressing that NAICOM would to go back to the industry with the approved template for quarterly returns to educate the operators on how to complete the forms.
“Considering the fact that most of the operators had difficulty in getting their 2012 accounts approved, we may allow them to walk back, that is using their approved accounts to prepare the quarterly returns.
“We may discard what they have submitted and use the approved results to produce the quarterly results, so that at the end of 2013 we would have a true reflection of what the quarterly should be,” he said.
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