NAICOM sets January 2023 deadline for insurance firms

By Asishana John

The Commissioner, National Insurance Commission, Mr Sunday Thomas, has said NAICOM will enforce full compliance with the International Financial Reporting Standards 17 on January 1, 2023.

Thomas spoke while delivering his speech at the Insurance Director’s Conference in Lagos.

He said, “I want to urge you also to follow up on the implementation of the International Financial Reporting Standards. IFRS 17 in your companies. The implementation dateline of 1st January, 2023 is right before us.

“Sufficient capacity building engagements have been conducted and sub-working groups inaugurated to facilitate the migration. You are therefore required to ensure that your entities are in full compliance and ready for the dateline.”

On the issue of development of insurance in the country, he urged the directors to work closely with their management as a lot was expected from them at the top level.

He said the commission was working assiduously to open up the market particularly the retail end, and conducting engagements with various agencies and state governments on the need to boost insurance culture across the country.

However, he added that the supply side comprising the insurance companies must also be proactive with follow ups in these places.

Thomas said, “If the industry is desirous of having significant impact on the nation’s Gross Domestic Product, it therefore must take retail business seriously. This has to start from the policy level and the directions clearly spelt out.

“This also must be supported with massive awareness campaign about insurance products across the geo-political zones taking into consideration peculiarity of each of the regions.”

The commissioner noted that one issue that had been setting the industry on a reverse gear in its developmental efforts is the issue of claims settlement.