By Niyi Jacobs
The National Insurance Commission (NAICOM) has released a list of 44 insurance, reinsurance, and takaful firms that have secured approval for their 2023 financial accounts. However, 12 insurance firms are yet to submit their accounts, with many struggling to align with the International Financial Reporting Standard (IFRS) 17.
The Insurance Act requires insurance entities to submit their financial accounts by June 30, or face a daily fine of N5,000. NAICOM has approved the financial accounts of the following firms:
NAICOM is still awaiting the financial accounts of 12 firms, which are struggling to comply with IFRS 17. The commission has implemented measures to ensure that all firms comply with the regulatory requirements.
The approval of financial accounts is a critical step in ensuring the transparency and stability of the insurance industry. NAICOM’s efforts to enforce compliance with IFRS 17 will promote confidence in the industry and protect policyholders.
As the insurance industry continues to evolve, it is essential for firms to prioritize transparency and compliance with regulatory requirements. NAICOM’s actions demonstrate its commitment to maintaining a stable and trustworthy insurance market in Nigeria.
