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.
Adedapo Adesanya