NAICOM Queries 2 Insurance Firms

July 9, 2017
NAICOM Queries 2 Insurance Firms

NAICOM Queries 2 Insurance Firms

By Modupe Gbadeyanka

Two insurance companies operating in Nigeria have been queried by the National Insurance Commission (NAICOM).

Head of Corporate Affairs at NAICOM, Mr Rasaq Salami, explained that the two firms were queried because they did not submit their financial statements before deadline as required.

He listed the affected companies as Nigeria Reinsurance Corporation and KBL Insurance Ltd.

According to the Insurance Act, the two firms will have to pay a daily fine of N5,000.

Mr Salami, in a statement released on Thursday, stated that the insurance industry regulator has so far approved 2016 financial reports of 39 out of 49 insurance companies submitted to it.

He said those approved are FBN Insurance, Wapic Life, Ensure Insurance, Continental Reinsurance, Zenith General Insurance, Zenith Life assurance and Consolidated Hallmark, Custodian and Allied and Custodian Life Insurance financial reports were approved.

Others include Law Union and Rock, Wapic General, AIICO Insurance, AXA Mansard, Prestige Assurance, Nem Insurance Plc, Regency Insurance Plc, Lasaco Assurance, UnityKapital Assurance, Cornerstone Insurance and Fin Insurance Plc.

Also given the nod were Royal Exchange General, Leadway Assurance Plc, Old Mutual Life Insurance, Staco Assurance, Royal Prudential Life and Mutual Benefit Life assurance Plc companies and ARM Life.

In addition, Sovereign Trust Insurance, NSIA Insurance, Standard Alliance Life Assurance, Linkage Assurance, Sterling Assurance, Anchor and Standard Alliance General Insurance had their results approved.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Leave a Reply

Evans Never Vanished, He’s Still in Our Custody—Police
Previous Story

Evans Never Vanished, He’s Still in Our Custody—Police

ExxonMobil Pledges to Henceforth Comply with Nigerian Content Act
Next Story

ExxonMobil Pledges to Henceforth Comply with Nigerian Content Act

Latest from Economy

Don't Miss