Chuks Udo Okonta
Insurance companies seem to be gradually aligning with the rules of the International Financial Reporting Standard (IFRS), as the National Insurance Commission (NAICOM) said the accounts of 23 firms have been approved as at today June 2.
The commission in a circular released today, said the approved firms are: Mansard Insurance, Wapic life and General; Custodian Life and General; Law Union & Rock, UBA Metro; FBN Life; Oasis Insurance; Zenith Life and General; Royal Exchange Life and General; AIICO; Prestige Insurance; Consolidated Hallmark; Continental Re; NSIA Insurance; NEM; Leadway Assurance; Unity Kapital and Equity Assurance.
It noted that responses from three firms that were formerly queried are under review, while the accounts of 11 firms were queried and those of three other firms are being reviewed.
The curtain would be lowered on June 30 for submission of accounts; hence, firms that were unable to turn in their accounts to the commission would pay N5, 000 statutory fine
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