The National Insurance Commission (NAICOM) says it has approved the 2016 financial accounts of FBN General Insurance Limited and Wapic Life, out of the 12 insurance firms that had submitted their results.
According to status of 2016 financial statements of insurance companies as at March 8, 2017, accounts of Custodian Life and Custodian and Allied, are under review by the commission.
The accounts of Wapic General; Ensure Insurance; Continental Re; Law Union and Rock; FBNInsurance; Consolidated Hallmark Insurance; Zenith General and Zenith Life Insurance are presently being reviewed.
NAICOM noted that the 2015 accounts of Great Nigeria Insurance; NICON Insurance and Universal Insurance were queried, while that of African Alliance Insurance was referred to the Financial Reporting Council and response to the query on the account of Investment and Allied is under review.
The insurance regulator said the account submitted by Goldlink Insurance is being reviewed.
NAICOM had threatened that those insurance firms that failed to submit their financial accounts on or before June 30 will be restricted from engaging on some activities.
The commission said it would also take action against officials accountable for financial reporting, as well as publicize the compliance status of Insurance Institutions on its website for public guidance.
NAICOM maintained that the decision to impose more sanctions on firms became necessary as their default deprives the commission, policyholders, insurance intermediaries, analysts and other stakeholders of the relevant information about the performance and financial condition of the companies, as well as the level of their compliance with relevant provisions of the law.