Lousy Accounting: NAICOM Queries 15 Insurance Firms

Following inability to provide properly structured financial reports, the National Insurance Commission (NAICOM) has queried the financial report of 15 insurance firms.

A statement posted on the NAICOM website gave the names of the firms as LASACO Assurance plc, LASACO Life Assurance Limited, Sterling Assurance Nigeria Limited, NEM Insurance Plc, Equity Assurance Plc, Old Mutual (Oceanic Life) Nigeria Life Assurance Limited, Anchor Insurance, KBL (PHB) Insurance Limited and Fin Insurance Company Limited.

Others are Old Mutual (Oceanic) Insurance General Limited, Unitrust Insurance Company Limited, Nigeria Reinsurance Corporation, Arm (Crystal) Life Insurance, Universal Insurance Company Limited and Nigerian Agricultural Insurance Corporation.

Aside from the firms queried, NAICOM also disclosed that 13 others are yet to submit their financial details for scrutiny.

In this category are African Alliance, Alliance & General Assurance, Alliance & General Life Insurance, Capital Express Assurance Limited, Goldlink Insurance Plc, Great Nigeria Insurance, Industrial and General Insurance and International Energy Insurance.

Others are Investment and Allied Insurance Plc, NICON Insurance Limited, Springlife Assurance Plc, UNIC Insurance Plc and Unity Capital Assurance Plc.

NAICOM also revealed that while the accounts of 25 companies have been approved, those of six others are undergoing review.

Those on the list being reviewed include Mutual Benefits Assurance Plc, Mutual Benefits Life Assurance Limited, Consolidated Hallmark Insurance, Staco Insurance Plc, Standard Alliance Insurance Plc and Union Assurance Company Limited.

Since 2012 when NAICOM directed the insurance firms to adopt the International Financial Reporting Standards, virtuall all of them have had difficulty in presenting their accounts to the commission according to the stipulated standard.

The situation has resulted in delayed annual general meetings and has also resulted in defaulting firms be being heavily fined by NAICOM and the Nigerian Stock Exchange.

 

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