NAICOM approves 2016 reports for 4 insurance companies, as 55 others await fate


The National Insurance Commission ((NAICOM) has approved the 2016 financial reports of NEM Insurance Plc and Consolidated Hallmark Insurance Plc as part of its regulatory functions.

Nigerian NewsDirect learnt their approval brings the number of approved companies’ reports by the Commission to four as at last week.

Recall in March only two out of existing 59 insurance firms and two reinsurance companies had received their approvals for their 2016 financial statements by NAICOM.

The insurance industry regulatory body, in a statement entitled “Status of 2016 financial statements of insurance companies as at March 8t, 2017” gave the names of the successful firms for 2016 accounts as FBN General Insurance, and Wapic Life Insurance.The duo successfully had their account approved out of 12 insurance firms that had submitted their 2016 accounts as at March.

However, all attempts made by Nigerian NewsDirect to confirm for April, the number of companies that have submitted their financial statements for the year ended December 31st, 2016 from the NAICOM’s spokesman, Mr. Rasaaq Salami bearing in mind the June 30t deadline for submission proved abortive. As Salami failed to answer several calls made to him and will not reply text messages sent to his mobile line as at the time of filing this report.

You will also recall that the apex regulatory body had threatened that insurance firms that failed to submit their financial accounts on or before June 30 will be restricted from engaging in some insurance operations.

The commission said it would also take action against officials accountable for financial reporting, as well as publicize the compliance status of Insurance Institutions on its website for public guidance.

NAICOM maintained that the decision to impose more sanctions on firms became necessary as their default deprives the Commission, policy holders, insurance intermediaries, analysts and other stakeholders of the relevant information about the performance and financial condition of the companies, as well as the level of their compliance with relevant provisions of the law.