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.

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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.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.