By ABDUL OLALEKAN
38 insurance firms in the country have so far submitted their 2015 financial statements to the National Insurance Commission (NAICOM) for approval.
Of the 38 companies that had submitted, the regulatory body has approved accounts of 31 of them and they can now go ahead to hold their Annual General Meetings (AGMs) where they will explain to shareholders their financial status for the 2015 financial year.
Some of those whose accounts were approved by the commission include; Wapic Life Assurance Ltd, FBN General Insurance, Wapic Insurance Plc, Ensure Insurance Plc, FBN Insurance Ltd, Law Union & Rock Insurance Company Plc, Mansard Insurance Plc, Custodian and Allied Insurance Ltd, and Consolidated Hallmark Insurance Plc.
Others are Custodian Life Assurance Ltd, Prestige Insurance Plc, Regency Alliance Plc, AIICO Insurance, Continental Reinsurance Plc, Unity Kapital Assurance, NEM Insurance Plc, among others.
The likes of AIICO Insurance Plc, FBN Insurance Limited, Custodian and Allied Insurance and Consolidated Hallmark Plc, have so far held their AGMs, while the remaining ones are expected to conduct theirs in the next couple of weeks.
Meanwhile, four of the seven accounts submitted but yet to get regulatory approval, have been queried and NAICOM is awaiting responses from them, while three accounts are undergoing review.
With 38 companies so far submitted their 2015 accounts to the commission, investigation by Business247 shows that at least 90 per cent of insurance companies must have submitted their accounts by June end, which is the deadline given to underwriting firms to do so.
This would be an improvement from last year where some insurers suffered heavy monetary sanctions from NAICOM, Nigerian Stock Exchange, NSE and Financial Reporting Council of Nigeria,FRC for failure to meet account submission deadline. Consequent upon this, they paid monetary fine running into several millions of naira to the three regulators, even as it impacted negatively on their balance sheet as they were unable to declare meaningful dividend or bonus to their respective shareholders, a development that the shareholders frown at.
Comments are closed.