40 insurance companies have so far submitted their
accounts to the National Insurance Commission (NAICOM),
ahead of the June 30th deadline.
Section 26(1) of the Insurance Act 2003 stipulates that every
insurer shall not later than 30th June of each year submit to
NAICOM, a balance sheet duly audited showing the financial
position of the insurer and its subsidiaries at the close of the
preceding year together with a copy of the relevant profit
and loss account which the insurer is to present to its
shareholders at its annual general meeting.
The Director of Supervision of NAICOM, Mr Nicholas Opara
made this known at the 8th seminar for Insurance
Correspondents in Ilorin, Kwara State that 40 insurance
companies have submitted their accounts as at yesterday.
Opara said that out of the 40, the Commission has approved
26 accounts of the companies while 13 of them are yet to get
approval due to observations made by the Commission
which the companies must correct before they get their
accounts okayed and one is still under review by NAICOM.
Opara said that NAICOM is waiting on the 13 companies to
address the issues observed in their accounts and re-submit
for approval.
He said, “40 insurance companies have already submitted
their accounts to NAICOM. And out of the 40, 26 have Ben
duly approved. NAICOM made observations on 13 of them
for corrections by the companies while one is still under
review”
In what seemed like a valedictory message from the
Commissioner for Insurance, Mr Fola Daniel whose tenure
ends in August this year, said insurance industry has huge
potential that could match with South Africa insurance
sector.
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