NAICOM, NSE to harmonise account submission procedures for insurers

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By Rosemary Onuoha

THE National Insurance Commission (NAICOM), Nigerian Stock Exchange (NSE) and other regulators are working to harmonise financial account submission procedures for insurance companies.

The move is to relieve operators from sanctions that could arise due to late submission of accounts.

Financial Vanguard gathered that the planned procedure would act as one-stop  shop for rendition of accounts, making it possible for regulators to stay action once their colleague gets the account of a company.

According to the Deputy Commissioner (Finance & Administration), NAICOM, Mr. George Oneknena, the regulators are assiduously working to see that they share information on accounts submitted by companies.

Chief Executive Officer of NSE Mr. Oscar Onyema, who had a meeting with insurance operators last week, said the Exchange and other regulators will continue to harmonise financial reporting systems, adding that financial reporting is highly essential to investors as it aids their investments decisions.

After the meeting, the Insurers Committee announced that the industry’s rebranding project will be revived and would commence in the first quarter of 2018.

The Vice Chairman Sub-committee on Publicity of the Insurers Committee, who is also the Managing Director Zenith Insurance Company Limited, Mrs. Ebelechukwu Nwachukwu, disclosed that the committee is working to get insurance brokers and loss adjusters on board, stressing that since they are all parts of the industry, they would all pull efforts together to ensure the project succeeds.

 

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