42 insurance companies get NAICOM approval to hold AGM
The National Insurance Commission (NAICOM) has approved the 2015 financial statements of 42 out of 44 insurance companies that have so far submitted their accounts for approval, Business247 News Online learnt today.
While few of the firms whose accounts were approved had already done their Annual General Meetings, AGMs, others can now go ahead to hold theirs, where they will explain to shareholders their financial status for the 2015 financial year.
Some of those whose accounts have been 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 Ins Plc; Custodian and Allied Insurance Ltd; Consolidated Hallmark Insurance; Custodian Life Assurance Ltd; Prestige Insurance Plc and Regency Alliance Plc. Others are AIICO Insurance; Continental Reinsurance Plc; Unity Kapital Assurance; NEM Insurance Plc; Staco Insurance Plc; Leadway Assurance; Standard Alliance Insurance; Standard Alliance Life Assurance; Royal Exchange General; Royal Exchange Prudential Life; Sovereign Trust Insurance; NSIA Insurance; Zenith Life Assurance; UBA Metropolitan; Niger Insurance; Mutual Benefits Assurance; Zenith General Insurance; Fin Insurance as well as Cornerstone Insurance.
The accounts of Lasaco Assurance Plc; Old Mutual Life; Equity Assurance; Old Mutual General; Sterling Assurance; International Energy Insurance(IEI); KBL Insurance, Capital Express, Nigeria Reinsurance Corporation, Anchor Insurance Company Ltd and Saham Unitrust Insurance, were also approved by the regulatory authority.
The financial statements of Mutual Benefits Life and ARM Life were earlier queried and their responses to the queries is said to be under review.
With 44 companies so far submitted their 2015 accounts to the commission, investigation shows that about 14 insurance companies are yet to submit theirs one month after the expiration of the June 30th deadline given to underwriters to do so.
Hence, the 14 insurers are already paying monetary fines to NAICOM, while those listed among them, is equally paying fines to the Nigerian Stock Exchange(NSE), until they are able to submit their accounts.
The rate of complaints has improved from what it was last year, where some insurers suffered heavy monetary sanctions from NAICOM, 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.
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