Stories: Anurika Nwachukwu
The National Insurance Commission (NAICOM) has disclosed that 18 insurance companies are yet comply with the statutory requirements on submission of their 2014 accounts. This is coming barely 20 days to June 30th deadline as stipulated by the commission while 40 of them have complied. NAICON has mandated all Insurance and Re-insurance companies to submit to the Commission three copies each of duly audited financial statements and annual returns in prescribed forms on or before 30th June of the proceeding year.
According to the notice hosted on the Commission’s official website, on June 2, 2015 the 18 companies that are yet to submit are African Alliance Assurance; Alliance & General Insurance ;Anchor insurance Plc; Capital /Express ;Fin Insurance company Ltd; Goldlink Insurance ;Great Nigeria Insurance; Industrial &General Insurance; International Energy Insurance; Investment /Alliance Assurance ;NICON; Nigeria Agricultural Insurance Cooperation; Spring life Assurance ;Unic Insurance and Universal Insurance Plc.
Worthy of note is the fact that some of the insurance companies among these 18 companies have not submitted their 2012 and 2013 financial report.The ones that defaulted in 2012/2013 are Alliance & General Insurance; Alliance and General Life Assurance;Spring Life Assurance while NICON Insurance and Unic Insurance Plc defaulted in 2013. However, the companies that were granted approvals for their 2014 financial accounts are, Wapic Life and General; Custodian Life and General; Law Union & Rock, Mansard Insurance, , UBA Metro; FBN Life; Oasis Insurance and Zenith Life and General. Others are, Royal Exchange Life and General; AIICO Insurance Plc ; Prestige Insurance; Consolidated Hallmark; Continental Re; NSIA Insurance; NEM Insurance Plc; Leadway Assurance; Unity Kapital and Equity Assurance.
The commission equally indicated that eleven others were being queried and awaiting response ,they are Lasaco Assurance ; ARM life insurance; Niger insurance; Nigeria Reinsurance cooperation; Union Assurance plc; Staco insurance plc; KBC insurance ltd ; Linkage Assurance plc,;Old Mutual life Assurance ; Unitrust insurance plc and Sovereign Trust plc .
Three companies namely, Mutual benefit Assurance; Mutual benefit life assurance; and Regency Alliance were tagged with response under review while 3 others, Old Mutual Nigeria insurance; Sterling Assurance plc and Standard Alliance life Assurance plc have their reviews in process Meanwhile 26 insurance companies were listed as having complied with the statutory requirements on submission of their 2015 first quarter returns as at the end of April this year.
From the information on the commission’s portal, the companies are, Royal Exchange Insurance, Mutual Benefits; Custodian & Allied Insurance; Guinea Assurance; NEM Insurance and Sovereign Trust Insurance Plc.; Cornerstone Insurance Plc ; Equity Assurance Plc; Guinea Assurance Plc; Others are, Wapic Insurance; Wapic Life Assurance; Wapic Ghana; KBL Insurance Limited; FBN Life; ARM Life Insurance UBA Metropolitan Life; Oasis Insurance; Linkage Assurance and Unity Kapital Assurance Plc. Also hosted on the site are, Lasaco Assurance Plc; Nigerian Agricultural Insurance Corporation; Standard Alliance Insurance Plc; Standard Allliance Life Assurance Plc; Union Assurance Plc; Nigerian Reinsurance Corporation and Fin Insurance.