 |
| Daniel |
Chuks Udo Okonta
Going by the
Insurance Act which stipulates that firms that failed to submit their financial
accounts by June 30 every year must be liable to a fine of N5,000, per day as
the default persists, 23 firms that have been caught in this web would have incurred
up N3 million as penalty till date, Inspen can report.
The firms in this
web are, Standard Alliance Life Assurance Company Ltd, which according to the
National Insurance Commission (NAICOM) submitted its accounts on 3rd July;
Unitrust Insurance Company Ltd, submitted on 4th July; Mutual Benefits
Assurance Plc, 14th July; Mutual Benefits Life Assurance Ltd, 14th July; Universal
Insurance Company Ltd, 17th July; Consolidated Hallmark Insurance, 24th July; Staco
Insurance Plc, 6th August and Nigerian Agricultural Insurance Corporation, 8th
August
NAICOM also noted
that the accounts of 15 firms are yet to be submitted as at August 11, an
indication that they will continue to pay the daily N5, 000 fine.
Firms in this category
are The African Alliance Account; Alliance & General Insurance; Alliance
& General Life Assurance; Capital Express Assurance Ltd; Goldlink Insurance
Plc; Great Nigeria Insurance; Industrial & General Insurance Plc, International
Energy Insurance Plc; Investment & Allied Insurance Plc; NICON Insurance
Ltd; Spring Life Assurance Plc; Standard Alliance Insurance Plc; UNIC Insurance
Plc; Union Assurance Company Ltd and UnityKapital Assurance Plc.
A circular published
by NAICOM on its website, stated that as at August 11, 22 firms accounts have
been approved, 16 queried, six under review and 15 yet to be submitted.
Commissioner for
Insurance Fola Daniel, who is unhappy with what he called unnecessary fines paid
by underwriting firms, had called on shareholders of the firms to call their
managements to order.
No comments:
Post a Comment