NAICOM seeks to punish Insurance Companies for Late Submission of Financial Account
The National Insurance Commission (NAICOM) is leaving no stone unturned in making sure that insurance companies are timely with the submission of the financial accounts or face some adverse consequences.
According to NAICOM, as at January 13, 2017, the accounts of 47 firms have been approved, while five were undergoing review process as at that date. The insurance companies have till June 30th as deadline of every year to submit their audited full year accounts for previous year to NAICOM and quoted insurance companies have March 31st deadline. The companies pay N5,000 fine for each day they breach the law.