NAICOM Extends Q1 Results Submission Deadline by One Month

By Dipo Olowookere

Insurance companies operating in Nigeria have been given a one-month extension for the submission of their first quarter financial statements.

The insurers are supposed to file the results latest April 30, 2020, but the coronavirus pandemic has forced businesses to lock down or operate remotely.

In a statement issued some hours ago, the National Insurance Commission (NAICOM) said the submission of first quarter returns has been extended by one month in the interim.

It then urged all operators to comply with safety precautions issued by the National Centre for Disease Control (NCDC) and the federal government.

The industry regulator further said waivers will be granted in respect of delayed submission of renewal documents by insurance brokers, loss adjusters and insurance agents during the period of the COVID-19 pandemic, while all meetings earlier scheduled to hold with the commission have been suspended till further notice.

In the statement signed by Mr Pius Agboola, Director, Policy and Regulation on behalf of the Commissioner of Insurance, it was explained that these palliatives measures were announced in response to the coronavirus

pandemic and to help insurance companies to cushion the effects on operations.