17 Insurers Face Sanction For Non-Submission Of 2014 Accounts | Independent Newspapers Limited
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17 Insurers Face Sanction For Non-Submission Of 2014 Accounts

Posted: Jun 30, 2015 at 2:00 am   /   by   /   comments (0)

By Sola Alabadan,  Lagos


As the deadline given insurance companies to submit their 2014 International Financial Reporting Standards (IFRS) based accounts to the National Insurance Commission (NAICOM) expires today June 30, the commission has informed that a total of 17 insurance outfits are yet comply with this provision of the Insurance Act 2003.

The defaulting insurance firms will be made to pay fine and their operational licences may be withdrawn in accordance with the provision of the law.

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 companies yet to submit their audited accounts and annual returns to NAICOM as at the time of filing this report are: African Alliance, Anchor Insurance, Capital Express, Fin Insurance Company Ltd, Great Nigeria Insurance, Guinea Nigeria Insurance, Nigerian Agricultural Insurance Corporation, Universal Insurance Plc, Industrial & General Insurance Plc, Unic Insurance Plc, NICON Insurance, International Energy Insurance Plc, Goldlink Insurance, Alliance & General Insurance, Alliance & General Life Assurance Plc, Investment & Allied Assurance Company Ltd and Spring Life Assurance Plc.