The National Insurance Commission has warned insurance firms against delay in submission of their 2012 IFRS compliant audited financial statement.
In a circular to the 31 underwriters listed on the Nigerian Stock Exchange, the commission observed that most of them were yet to submit their audited financial reports.
It stated that, “As your primary regulator, our review and subsequent approval precedes submission to both the Security and Exchange Commission and the Nigeria Stock Exchange, which hitherto was on or before the close of business on 31, March, following the year end of the financial statements.”
NAICOM stated that it was aware of the 30 days extension to the statutory deadline granted to listed companies including the insurance firms.
Nevertheless, it added that the commission requires that the firms conclude and submit their audited 2012 financial statements without further delay to enable it to review and approve as appropriate with the extension granted by the secondary regulators.
While urging the firms to revert their challenges with their accounts to the commission timely, NAICOM said early submission was necessary to enable the commission to appraise and approve as appropriate before the expiration of grace obliged by SEC and NSE.