For failing to submit their annual accounts before the June 30 deadline, five insurance companies are to pay a minimum of N21.6 million as fines. In addition, failure to forward details of accounts to the regulator before the deadline attract N5,000 per day.
According to the details released by the National Insurance Commission (NAICOM), Alliance & General insurance; Alliance & General Life Assurance; NICON Insurance Limited; Spring Life Assurance and Unic Insurance Plc failed to forward their 2013 account details to the commission before the stipulated date. This is coming even as the regulator has confirmed the approval of the 2014 accounts of 35 other insurers who forwarded their accounts before the end of last month.
Those which accounts have been approved include Wapic Life Assurance Ltd, Wapic Insurance Plc, Custodian & Allied Ins. Ltd, Custodian Life Assurance Ltd, Law Union & Rock Insurance Company Plc, Mansard Ins PLc, FBN Insurance Ltd, Oasis Insurance Plc, Consolidated Hallmark Insurance, UBA Metropolitan Life Ins. Company, Zenith Life Assurance Company Ltd, and Zenith General Insurance Company Limited.
Others are Royal Exchange Prudential Life Plc, Royal Exchange General Insurance Ltd, AIICO Insurance Plc, Cornerstone Insurance Plc, Prestige Assurance Plc, Continental Reinsurance, NSIA Insurance, NEM Insurance Plc, Leadway Assurance Plc, Equity Assurance Plc, Unity Kapital Assurance Plc, Lasaco Assurance Plc, Regency Alliance Plc, ARM Life Insurance, Niger Insurance, Staco Insurance Plc, Union Assurance Plc, Sovereign Trust Insurance Plc, KBL Insurance Ltd, Unitrust Insurance Plc, Mutual Benefits Assurance Plc, and Mutual Benefits Life Assurance Plc.
