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Nigeria Re, KBL insurance under NAICOM probe

Nigeria Reinsurance Corporation and KBL Insurance Limited – are facing queries, while eight were undergoing review from the National Insurance Commission (NAICOM) which says she has approved 39 out of 49 insurance companies during the 2016 financial reports submitted to it.

The Commission’s Head of Corporate Affairs, Mr Rasaaq Salami said in a statement on Thursday in Abuja. He listed the companies with its reports under review to include Guinea Insurance, African Alliance Insurance, Nigeria Agriculture Insurance Cooperation, Equity Assurance and Capital Express Insurance

Others are: Universal Insurance, Saham Unitrust Insurance and UNIC Insurance Plc.

Salami, however, said FBN Insurance, Wapic Life, Ensure Insurance, Continental Reinsurance, Zenith General Insurance, Zenith Life assurance and Consolidated Hallmark, Custodian and Allied and Custodian Life Insurance financial reports were approved.

Others with financial reports approved included Law Union and Rock, Wapic General, AIICO Insurance, AXA Mansard, Prestige Assurance, Nem Insurance Plc, Regency Insurance Plc, Lasaco Assurance, UnityKapital Assurance,Cornerstone Insurance and Fin Insurance Plc.

He said the financial reports of Royal Exchange General, Leadway Assurance Plc, Old Mutual Life Insurance, Staco Assurance, Royal Prudential Life and Mutual Benefit Life assurance Plc companies and ARM Life were also approved.

According to him, the Commission also approved the financial statements of Sovereign Trust Insurance, NSIA Insurance, Standard Alliance Life Assurance, Linkage Assurance, Sterling Assurance, Anchor and Standard Alliance General Insurance.

NAICOM is the apex body established to regulate and supervise the Nigerian insurance sector.

The commission’s regulation requires insurance firms to submit their financial statements on or before 31st March.

The Insurance Act imposes a daily fine of N5,000 on firms that fail to meet the 31st March deadline for the submission of their annual accounts to the regulator of the industry. The nation’s insurance industry has not yet been so effectively used by the citizens. Skepticism pervades the air despite repeated education.

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