NAICOM Approves 8 Firms’ 2014 Accounts

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Eight insurance firms have so far secured approval of their 2014 financial accounts from the National Insurance Commission (NAICOM) out of the 19 companies that have submitted their accounts as at April 8, 2015.
The approved firms are: Mansard Insurance Plc; Wapic Life Assurance Limited; Wapic Insurance Plc; Custodian Life Assurance Limited; Custodian and Allied Insurance Limited; Law Union & Rock Insurance Company Plc; FBN Insurance Limited and Oasis Insurance Plc.
NAICOM said the accounts of Consolidated a Hallmark Insurance; UBA metropolitan Life; AIICO Insurance Plc; Zenith Life Assurance and Zenith General Insurance Company Limited were queried, while those of Prestige Insurance; Continental Reinsurance; Mutual Benefits General Insurance; Royal Exchange Prudentail Life; ARM Life and NSIA Insurance are being reviewed.
On the negative side, the Commission named Alliance and General Insurance; Alliance and General Life Assurance and Spring Life Assurance Plc as insurance companies that have failed to submit their 2012 financial accounts as required by law.
According to NAICOM, those that are yet to submitted their 2013 financials are: Goldlink Insurance Plc; NICON Insurance Plc; Unicorn Insurance Plc; Alliance and General Insurance; Alliance and General Life Assurance and Spring Life Assurance Plc.
Meanwhile, insurance companies according to the Insurance Act are required to submit their accounts by June 30 every year or be fined N5,000 daily for infractions. But most firms prefer budgeting for the fine in contrary to stipulated law it was learnt.

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