by Ebere Nwoji

Only 12 out of the existing 58 insurance firms have submitted their audited financial reports for 2015 to the National Insurance Commission (NAICON), the Commission’s Director of Supervision, Nicholas Opara has said.

He said seven out of the 12 companies have received approval of the commission while two have been reviewed and their letter of adjustment written. According to him, the commission is yet to work on the account of Continental Reinsurance, which was the last company to submit among the 12.

Opara, who disclosed this in Abeokuta, Ogun State, said insurance firms that have not submitted their reports should do so without delay, as NAICOM is ready to implement to the last, the provisions of the Insurance Act 2003 on those who fail to meet the deadline.

He said the commission gave June 30 as deadline for submission, insisting that any company, which fails to meet the date, would pay a fine of N5000 for the number of days it delayed until the day it submitted.

Opara said, rather than complain about the fines paid for misdeeds by insurance firms, operators should endeavour to comply with payment deadline, pointing out that NAICOM does not initiate these fines but is only following the trend in the global arena.

Source: Allafrica.com