Insurance Industry Reports, Insurance News in Nigeria

NAICOM Approves 7 Insurance Firms’ Financial Reports


The National Insurance Commission (NAICOM) has disclosed that 15 insurance companies have so far submitted their 2015 audited financial results out of which seven have been approved while two were reviewed and returned for adjustment.

Giving the details in Abeokuta, during the NAICOM’s seminar for insurance journalists, the director, Supervision, Nicholas Opara, said that other insurance companies still have up to June 30, 2016, to submit their accounts, and also the director, Research, Statistics and IT, Adamu Balanti said that the commission has set a June 2016 deadline for the take-off of the issuance of identification numbers to insurance policies and also launch its portal that would serve as a warehouse for the industry’s data, noting that the unique policy identification system is to monitor and capture every single issued by underwriters in the country.

“This system is to build an integration point for the various stakeholders involved in issuance, and generate and provide a for every policy issued in order to track and provide relevant statistics on them.

“It would help develop a capacity in the NAICOM to record all policies issued by Nigerian insurance companies, ensure proper accountability of all premium returns by insurance companies, capture all businesses done by every broker through the underwriter, ensure proper accountability of all insurance levies received from brokers, provide easy access to data regarding policies issued, and support analysis and policy-based decision making. We want to identify each individual insurance policy issued in the country; this is why we are developing what we call the unique policy identifier (). With it, each insurance policy document issued in the country will have a . The unique number will be used to identify that document.






Source: Vanguard

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