INSPENONLINE: Why insurance firms budget for fine: NICON, Unic to pay N791,000 for 2013 accounts defaults

Wednesday, 22 April 2015

Why insurance firms budget for fine: NICON, Unic to pay N791,000 for 2013 accounts defaults

Chuks Udo Okonta

NICON Insurance plc and Unic Insurance Plc are expected to pay N395,500 each amounting to N791,000 for failing to submit their 2013 financial account between July 2014 and April 2015. This has further revealed why most firms contravene the law as the amount is considered insignificant to them.

According to a member of staff of the National Insurance Commission (NAICOM), the commission has observed that most firms made adequate provisions for fines in their yearly budget, making it convenient for them to contravene stipulated laws.

The Insurance Act gives Insurance firms up to June 30 to submit their previous year accounts or pay a daily fine of N5,000.

According to NAICOM Alliance and General Insurance; Alliance and General Life Assurance and Spring Life Assurance Plc are yet to submit their 2012 accounts.

Those that are yet to submitted their 2013 financials are: Goldlink Insurance Plc; NICON Insurance Plc; Unic Insurance Plc; Alliance and General Insurance; Alliance and General Life Assurance and Spring Life Assurance Plc.

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

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