Ahead of June 30th deadline, the National
Insurance Commission (NAICOM), said it has approved the 2017
financial accounts of Old Mutual General Insurance Company Nigeria
Limited and Old Mutual Life Assurance Company Limited.
With this, the total number of insurance firms that have received
approval as at today stands at 20.
The other companies that are yet to submit their accounts will have to
pay a daily fine of N5,000 for failing to meet the June 30, 2018
deadline for submission of their 2017 accounts pending when they
submit their accounts.
NAICOM regulation requires insurance firms to submit their financial
statements on or before June 30th every year, else they would be
barred from engaging in further business activities
The Commission maintained that the decision to impose sanctions on
defaulting companies became necessary, as their action deprives the
Commission, policyholders, insurance intermediaries, analysts and
other stakeholders of the relevant information about their
performance and financial conditions.