Seventeen insurance companies are to face sanctions by the insurance industry regulator, the National Insurance Commission (NAICOM) for failure to meet the June 30 deadline for submission of their 2014 accounts.
From 1st of July, the companies will face the punishment of paying a fine of N5, 000 each on daily basis pending the day they will submit their accounts.
According to a recent circular by NAICOM on account submission status of companies, the defaulting companies are African Alliance Insurance; Anchor Insurance; Capital Express; Fin Insurance; Great Nigeria Insurance; Guinea Insurance; Nigerian Agricultural Insurance Corporation; Universal Insurance; Industrial and General Insurance; as well as Unic Insurance.
Others are NICON Insurance; International Energy Insurance; Goldlink Insurance; Alliance & General Insurance; Alliance & General Life Assurance; Investment & Allied Assurance and Spring Life Assurance.
NAICOM also said 34 companies have secured approvals and they include: Wapic Life; Wapic Insurance Plc; Custodian & Allied Insurance; Custodian Life Assurance; Law Union & Rock; Mansard Insurance; FBN Insurance; Oasis Insurance; Consolidated Hallmark; UBA Metropolitan Life; Zenith Life; Zenith General; Royal Exchange Prudential Life; Royal Exchange General; AIICO Insurance; Cornerstone Insurance; as well as Prestige Assurance.
Others are Continental Re; NSIA; NEM; Leadway; Equity; Unity Kapital; Lasaco; Regency; ARM Life; Niger; Staco; Union Assurance; Sovereign Trust; KBL Insurance; Unitrust Insurance; Mutual Benefits Assurance and Mutual Benefits Life.
The circular said companies whose accounts are at the stage of being queried and awaiting response are Linkage; Sterling Assurance and Standard Assurance Life, while those that their response is under review are Nigerian Re and Old Mutual Life.
It further said that accounts that are presently reviewed are Old Mutual Nigeria and Standard Alliance.