Chuks Udo Okonta
Failing to submit their 2014 accounts today
before the close of work, would place a daily fine of N5, 000 on 17 insurance
companies that contravened the law which fixed June 30 as deadline for
submission of previous year accounts.
A circular by the National Insurance
Commission (NAICOM) entitled: The
Position of 2014 Accounts Submission, said the companies that are yet to
submit their accounts are: African Alliance; Anchor Insurance; Capital
Express; Fin Insurance; Great Nigeria Insurance; Guinea Insurance; Nigerian Agricultural
Insurance Corporation; Universal Insurance; Industrial and General Insurance;
Unic Insurance.
Others are NICON Insurance; International Energy
Insurance; Goldlink Insurance; Alliance & General Insurance; Alliance &
General Life Assurance; Investment & Allied Assurance and Spring Life
Assurance.
NAICOM also said 34 companies have secured approvals. They
include: Wapic Life; Wapic Insurance Plc; Custodian & Allied Insurance;
Custodian Life Assurance; Law Union & Rock; Mansard Insurance; FBN Insurance;
Oasis Insurance; Consolidated Hallmark; UBA Metro; Zenith Life; Zenith General;
Royal Exchange Prudential Life; Royal Exchange General; AIICO Insurance;
Cornerstone Insurance; Prestige Assurance.
Others are: Continental Re; NSIA; NEM; Leadway; Equity;
Unity Kapital; Lasaco; Regency; ARM Life; Niger; Staco; Union Assurance;
Sovereign Trust; KBL Insurance; Unitrust Insurance; Mutual Benefits Assurance
and Mutual Benefits Life.
Accounts queried
and awaiting response are those of Linkage; Sterling Assurance and Standard
Assurance Life, while those that their response is under review are Nigerian Re
and Old Mutual Life.
The accounts that are presently reviewed are: Old Mutual Nigeria
and Standard Alliance.
Although, the Nigerian Insurers
Association (NIA) the umbrella body of underwriters said it is working hard to
reduce fines paid by insurers, observers believe the operators are not doing
well as they have failed to learn and align with the International Financial
Reporting Standard (IFRS) rules which presently govern how their accounts
should be prepared
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