Chuks Udo Okonta
Insurance
companies have been advised to consider changing their accounting year end from
December 31 to March 31 to avoid competing with banks for auditors attention.
Head/ Legal and
Regulation Division, Nigerian Stock Exchange (NSE) Tinuade Awe, gave the
admonition at the National Insurance Commission (NAICOM) interactive Session
with Shareholders Associations of quoted Insurance Companies in Lagos.
She noted that
such time frame will help underwriters meet regulators’ stipulated deadlines for
submission of accounts. She also called on NAICOM to expedite action in
reviewing the accounts of listed insurance companies to enable them to comply
with the regulatory deadlines.
She urged insurance
companies to be mindful of filing calendars especially that of the NSE which is
more stringent than other regulators and plan their financial reporting process
with the filing dates in mind.
Awe said the Insurance industry plays a key role in the economy the same way the
capital market does, adding that the highlighted issues of the industry notwithstanding,
the NSE cannot bend its post-listing rules to the insurance companies, as it
ensures a zero tolerance.
“Also, global best practice demands strict adherence
to rules for all listed entities.
“All hands must be on deck to ensure that the Nigerian
Capital Market maintains its acquired reputation in global markets,” she said.
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