NAICOM queries 7 insurance coys over 2012 financials
by Iheanyi Nwachukwu
December 3, 2013 | 12:00 am| | | Start Conversation
The National Insurance Commission (NAICOM), Nigeria’s insurance industry regulatory body, has queried seven insurance companies over the status of their 2012 financial statements.
The seven companies which NAICOM queried and awaits their response are Wapic Life Assuarance Limited, Nem Insurance plc, Lasaco Life Assurance, Linkage Assurance plc, Union Assurance Limited, Nigeria Reinsurance Corporation, and Universal Insurance Company Limited.
NAICOM observed that it was also reviewing the responses of some insurance companies with respect to their 2012 financials. These companies are Equity Assurance plc, Lasaco Assurance plc, Crystal Life Insurance Responses, PHB Insurance plc, Great Nigeria Insurance, Niger Insurance plc, and Oceanic Insurance Company Limited.
The submission status of 2012 financial statements of insurance companies released by NAICOM shows that it approved 2012 financials of only 28 companies. The companies include Mansard Insurance plc, ADIC Insurance Limited, WAPIC Insurance plc, Consolidated Hallmark Insurance, Oasis Insurance plc, FBN Life Assurance Limited, Continental Reinsurance Company plc, AIICO Insurance plc, Leadway Assurance Company Limited, Crusader General Insurance Limited, Crusader Life Insurance Limited, UBA Metropolitan Life Insurance Company, Zenith Insurance Company Limited, and Unitrust Insurance Company Limited.
Others are Unity Kapital Assurance plc, Standard Allied Life Assurance, Custodian & Allied Insurance plc, Regency Alliance Company, Royal Exchange Assurance plc, Sovereign Trust Insurance plc, Zenith Life Insurance Limited, Royal Prudential Life Assurance plc, Sterling Assurance Nigeria Limited, Law Union & Rock Insurance Company plc, Cornerstone Insurance plc, Oceanic Life Assurance plc (Old Mutual), Prestige Assurance plc, and FIN Insurance Limited.
Insurance companies whose 2012 financials are still in the process of review by the industry regulatory body are Staco Insurance plc, Capital Express, Standard Alliance Insurance plc, Mutual Benefits Assurance plc, Mutual Benefits Life Assurance Limited, African Alliance Insurance plc, Anchor Insurance, and Nigerian Agricultural Insurance Corporation.
NAICOM also released a list of (Re) Insurance companies which it said, as at November 26, were yet to submit their 2012 audited accounts and annual returns. They include Alliance & General, Alliance & General Life Assurance plc, Goldlink Insurance, Spring Life Assurance plc, Guinea Insurance plc, Industrial & General Insurance plc, International Energy Insurance plc, Investment & Allied Assurance Company Limited, Unic Insurance plc, and NICON Insurance plc.
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