The National Insurance Commission (NAICOM) has said that Insurance Managers would effect from June this year submit their annual reports and accounts based on Financial Reporting Standard (IFRS)17.
The operators have been preparing and submitting their companies’ reports and accounts based on IFRS14 and are expected to be allowed to submit their 2022 report to NAICOM using the IFRS 14 model.
NAICOM stated this at the recent meeting with Directors of various insurance firms in Lagos. NAICOM, which at the meeting discussed other vital issues affecting insurance business in the country also harped on the need for the directors and managers of various insurance firms to build public confidence through transparency in claims settlement.
NAICOM Director General, Mr Sunday Thomas said as a way of building public confidence and trust in insurance industry, the directors could advertise outstanding claims in their books so that the policyholders who have any claim would be aware to go for it.
