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Breaking News: 8 Insurers Fail To Submit 2013 Audited Financial Statements To NAICOM

Eight (8) Insurance companies are yet to submit their Audited Financial Statements & Accounts for the year ended 31st December 2013 to the insurance regulator, , raising concerns about solvency issues and loss of their operating licences. Accounting period of run from 1st January to 31st December.

According to a release by the National Insurance Commission (), as at 3rd November 2014, the following companies are yet to submit their Financials:

  1. A & G  Insurance Company Limited
  2. A & G Life Assurance Company
  3. Goldlink Insurance Plc
  4. Industrial & General Insurance (IGI)
  5. Investment & Allied Insurance Plc
  6. Spring Life Assurance Plc
  7. NICON Insurance Limited
  8. UNIC Insurance Plc

In the same vein, the Accounts of 8 Insurance Companies are YET TO BE APPROVED by the Commission. These companies are:

  1. Old Mutual (Oceanic) Insurance General Ltd
  2. Universal Insurance Plc
  3. Capital Express Assurance Ltd
  4. Union Assurance Company Limited
  5. UnityKapital Assurance Plc 
  6. Great Nigeria Insurance Plc
  7. African Alliance Insurance Plc
  8. International Energy Insurance Plc

By virtue of the Guidelines issued by NAICOM and as required by the Insurance Act, and the IFRS, Insurance and Re- shall submit their audited financial Statements and Accounts to the regulator NOT LATER THAN 30th June after the year end (December 31st).  Companies quoted on the Stock Exchange, are fur

ther required by the Securities & Exchange Commission (SEC) to file their audited financial Statements and Accounts to the Nigerian Stock Exchange not later than 31st March.

As specified in the Guidelines, “Late filing of annual returns shall in accordance with section 26(3) of the Insurance Act, 2003 attract a fine of N5,000.00 per day for each day of default. Failure to file annual returns as prescribed by Section 26 of the Insurance Act, 2003 constitutes a ground for cancellation of operating licence. An insurer shall be deemed to have failed to file its annual returns if the provisions of S.26 of the Insurance Act 2003 are not met 12 months after the end of the financial year.”

The Audited Financial Statements & Accounts of 43 Insurers have already been approved by the NAICOM

Click Here for the List:

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