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Accounts of 40 insurers not approved

The law states all insurance companies operating in Nigeria must get their accounts approved on or before June 30, each year, or pay a daily…

The law states all insurance companies operating in Nigeria must get their accounts approved on or before June 30, each year, or pay a daily penalty of N5,000 until the day the account is approved. In a circular posted on its website, the regulator said out of the 57 insurance and 2 reinsurance companies licensed by NAICOM, only 19 have had their 2013 financial reports approved by the commission as mandated by law.
 Nineteen others were at various stages in the approval process while 21 insurers were yet to make initial submission of their 2013 financials to the regulatory body as at July 7, 2014.
As at that date, only 19 insurers have had their 2013 financials approved by NAICOM, namely, the life and general subsidiaries of Custodian and Allied Insurance, Wapic Insurance and Zenith Insurance. Other insurers who have secured regulatory approvals for their 2013 financials were Mansard Insurance, Leadway Assurance, AIICO Insurance, Niger Insurance and Continental Reinsurance Plc.
Two life insurers, FBN Life Assurance and UBA Metropolitan Life Assurance have had their 2013 financial reports approved by the commission as well as Sovereign Trust Insurance, Cornerstone Insurance, NSIA Insurance (formerly ADIC Insurance), Regency Alliance Insurance, Law Union & Rock Insurance and Oasis Insurance.

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