- The Federal Government has issued regulatory orders on Industrial and General Insurance (IGI) Plc and Unitykapital Assurance Plc to checkmate any irregularity that the companies may have in their financials.
- The government through the National Insurance Commission NAICOM) said this is in exercise of the powers conferred on it by the enabling Laws.
- In a statement endorsed by its Head, Corporate Affairs, ‘Rasaaq ‘Salami explained that the orders which were conveyed in separate letters dated July 30 and 31, 2015 were signed by the Deputy Commissioner (Technical) Mohammed Kari who has since July 31, this year being appointed by President Muhammadu Buhari as the new Commissioner for Insurance and Chief Executive of NAICOM.
- NAICOM directed IGI to appoint an auditing firm from among KPMG, PWC and Delloitte to conduct a comprehensive financial review of the company while it restrict the Board of UnityKapital from holding any meeting or taking any further decisions in respect of the affairs of the company.
- The Commission said both regulatory orders are with effect from August 3, 2015 and for initial periods of six months in the case of IGI and 90 days for UnityKapital adding that the orders may be extended to such a period when the Commission is satisfied that there is no potential risk to policyholders of each of the companies.
The statement read: “The Commission directs IGI to appoint an auditing firm from amongst KPMG, PWC and Delloitte to conduct a comprehensive financial review of the company and submit the report to the Commission within two weeks of the date of the regulatory order.
Source: The Nation