Chuks Udo Okonta
The shareholders of Cornerstone insurance Plc on Tuesday expressed displeasure with the company over the sum of N128million paid as fine to NAICOM and other related regulators for failing to comply with stipulated rules.
The shareholders stated this during the 23rd Annual General Meeting (AGM) of Cornerstone Insurance Plc in Lagos.
In the same vein, the shareholders complained about the huge sum deposited at the Central Bank of Nigeria (CBN) as statutory deposit by insurance companies.
They are not happy also with the National Insurance Commission (NAICOM) over fines imposed on operating firms in the industry for various offences especially failure to meet deadline for submission of annual accounts and financial reports.
Speaking during the meeting, a shareholder, Akinsonya Solomon, said the incessant fines drawdown on operating firms by the regulators are becoming unbearable observing that virtually all insurance firms in Nigeria have been fined for one offence or the other this year.
Robert Igwe gave advice that the NIA as the umbrella body of insurance underwriters to take up the issue of statutory deposit of the industry lying idle with little or no interest with the CBN to the law makers.
He was on opinion that the huge amount could yield good interest to the various firms if used in business adding that on the alternative, the CBN should pay interest commensurate to the quantum of money deposited by the various companies.
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