The National Insurance Commission (NAICOM) has disclosed that 19 insurers, including Industrial and General Insurance Plc, Great Nigeria Insurance and Nigerian Reinsurance Corporation were yet to submit their financials for the year ended December 31, 2010.
This violates section 26 of the Insurance Act 2003, which stipulates that an insurer shall not later than June 30 of each year, submit in writing to the commission, audited financial statements and annual returns, among other things.
The commission in a statement signed by its assistant director, Corporate Affairs, Mr. Lucky Fiakpa, said a total of 42 out of 61 licenced Insurance/Reinsurance companies submitted their annual accounts to the National Insurance Commission (NAICOM) for approval as at June 30, 2011.
Fiakpa noted that out of the 42 that have so far submitted their accounts, 23 have been approved while 19 were at various stages of being approved.
Among others that have not submitted their financials according to Fiakpa, include; Alliance and General Life Assurance Plc, African Alliance Insurance Company Ltd, Anchor Insurance Company Ltd, Equity Assurance Plc, , Great Nigeria Life Insurance, Spring Life Assurance Plc, Guinea Insurance Plc, Investment & Allied Assurance Company Ltd, Nigerian Agricultural Insurance Corporation, Standard Alliance Insurance Plc,Standard Alliance Life Assurance Company Ltd, The Universal Insurance Company Ltd, UNIC Insurance Plc, Union Assurance Company Ltd and NICON Insurance Plc.
He listed those companies whose financials had gotten approval from the commission to include; ADIC Insurance Company Ltd, AIICO Insurance Plc, AIICO General Insurance Company Ltd, Consolidated Hallmark Insurance Plc, Cornerstone Insurance Plc, Custodian & Allied Insurance Plc, Goldlink Insurance Plc, Guaranty Trust Assurance Plc, Insurance PHB Ltd and Unity Kapital Assurance Plc, among others.
Fiakpa also listed other companies whose financials were still pending for approval to include; Capital Express Assurance Ltd, Crusader Life Insurance Ltd, Crusader General Insurance Ltd, Crystal Life Insurance Company Ltd, International Energy Insurance Plc, LASACO Assurance Plc, LASACO Life Assurance, Linkage Assurance Plc, Mutual Benefits Assurance Plc, Mutual Benefits Life Assurance Company Ltd and NEM Insurance Plc, among others.