The National Insurance Commission (NAICOM) has announced that 44 insurance, reinsurance, and takaful firms have received approval for their 2023 financial accounts, while several others are still working to meet the International Financial Reporting Standard (IFRS) 17 requirements.

As per the Insurance Act, insurance companies were required to submit their financial accounts for the previous year to NAICOM by June 30, 2024, with non-compliance resulting in a daily fine of N5,000. However, an investigation by Inspenonline revealed that 12 insurance firms have yet to submit their financial reports.

The delay for some firms stems from challenges in aligning their accounts with the IFRS 17 directives, often with the assistance of consultants. As of September 23, 2024, the firms that have secured NAICOM’s approval include major industry players such as Stanbic IBTC Insurance, AXA Mansard Insurance, Custodian and Allied Insurance, Zenith General Insurance, and Leadway Assurance, among others.

The list of approved firms reflects significant progress by the sector, but the commission remains focused on ensuring all entities comply with the regulatory standards set for financial transparency and accountability.