…Approves 2 for 2016.
The apex insurance regulatory body, the National Insurance Commission (NAICOM), has approved the status of 2015 financial statements of 48 out of the 54 insurance companies in the country as at March 8, 2017.
In the approval which was made available to Economic Confidential in Abuja, NAICOM has queried the financial statements of three insurance companies, namely, Great Nigeria Insurance, Nicon Insurance and Universal Insurance Companies respectively.
In the report, the case of African Alliance Insurance company was referred to the Financial Reporting Council of Nigeria(FRC), Investment and Allied Insurance Company’s status is ‘response to query under review’, while Goldlink Insurance Company’s status has ‘review in Process’.
In the report for 2016, only two insurance companies received approval out of 12 for their financial statements. They are; FBN General Insurance Company and Wapic Life Assurance Company. Two of the firms have their response under review and they include; Custodian Life Assurance Company and Custodian and Allied Insurance Company respectively. Eight of the twelve companies have their review in process. They are; Wapic General Insurance, Ensure Insurance, Continental Reinsurance, Law Union and Rock Insurance, Consolidated Hallmark Insurance, Zenith General Insurance and Zenith Life Assurance.