As at that date, only 19 insurers have had their 2013 financials approved by NAICOM including the life and general subsidiaries of Custodian and Allied Insurance, Wapic Insurance and Zenith Insurance respectively.
Other insurers who have secured regulatory approvals for their 2013 financials were composite companies, Mansard Insurance, Leadway Assurance, AIICO Insurance, Niger Insurance and Continental Reinsurance Plc.
Two life insurers, FBN Life Assurance and UBA Metropolitan Life Assurance have had their 2013 financial reports approved by the commission as well as general insurers, Sovereign Trust Insurance, Cornerstone Insurance, NSIA Insurance (formerly ADIC Insurance), Regency Alliance Insurance, Law Union & Rock Insurance and Oasis Insurance.
The 2013 financial reports of two companies, Royal Exchange General and Royal Prudential Life were being reviewed by the commission.
The reports of five other insurers have been queried and their responses were yet to reach the commission as at that date. They are Lasaco Assurance, Lasaco Life Assurance, Linkage Assurance, Nem Insurance and Nigeria Reinsurance Corporation.
The initial submissions of 12 insurance companies were being reviewed by the commission as at July 9, 2014 including life insurers, ARM Life, Standard Alliance Life and Old Mutual Nigeria Life.
The others were general insurers, Equity Assurance, Sterling Assurance, Prestige Assurance, Guinea Insurance, KBL Insurance(formerly InsurancePHB), Fin Insurance, Anchor Insurance, Unitrust Insurance and Old Mutual Nigeria General.
The companies that failed to submit any report at all for last year to the commission as at July 9, 2014 include the two subsidiaries of Mutual Benefits Assurance composite insurers NICON Insurance and Industrial and General Insurance (IGI).
Five life insurers, African Alliance Insurance, Capital Express Assurance, Alliance and General Life Insurance, Spring Life Assurance and Unic Insurance were caught in the web.
Twelve general insurers ran afoul of the submission law including Alliance and General Insurance, Consolidated Hallmark Insurance, Goldlink Insurance, Great Nigeria Insurance, International Energy Insurance and Investment and Allied Insurance.
The remaining were UnityKapital Insurance, Union Assurance, Universal Insurance, Standard Alliance Insurance, Staco Insurance and Nigerian Agricultural Insurance Corporation (NAIC).
Speaking on the approval procedures recently, the Commissioner for Insurance, Mr. Fola Daniel said “every account submitted must either be cleared in four days or you revert in four working days.”
“If the accounts is good, we must approve in four days and wherever I may be I can approve it online but if they are not approvable then we must send a query back to the respective companies in four days and so far we have cleared only five companies,” he stresses.
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