10 insurance firms submit 2012 accounts ahead June 30 deadline

Barely six days to the deadline given for insurance companies to submit their full year financial result to the National Insurance Commission (NAICOM), 10 out of 61 licensed firms have so far complied, while three has gotten approval, the commission said on Monday.

The accounts expected to be presented in the International Financial Reporting Standard (IFRS) format is under law to be submitted on or before June 30 each year or payment N5, 000.00 fine each day that passes.

The remaining seven companies which are at different stages of their approval process includes FBN Life Assurance, AIICO Insurance, Oasis Insurance, Consolidated Hallmark Insurance, Continental Reinsurance, Law Union and Rock Insurance and NEM Insurance.