NAICOM Gives Insurers Deadline for Migration to IFRS 17 Finance Reporting Standard

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.

NAICOM which informed the media of the outcome of its meeting with the insurance directors through a member of Publicity and Sub Communication of the Insurers Committee, Mr Ben Ujoatuonu, gave other highlights of the decisions taken at the meeting saying it was agreed that efforts should be geared up to ensure harmonisation of claims payment processes and make it very seamless and easy to understand.

On customer service and engagement, Ujoatuonu said the commission encourage the insurers to come up with initiatives that would enhance customer-operators relationship, help to endear the operators to their customers as well as boost customer retention.

He said such relationship and publicity should be deployed to the marketing of the Third Party Motor Insurance, adding that the market has been given the go ahead to publicise not only the upward review of the premium payable but also the value and benefits the policyholders stand to gain.

He said the house would meet further in a smaller committee to finalise the arrangements, stating that the campaign might commence in the month of May.

Ujoatuonu said the third batch of underwriters had received letter of visitation by NAICOM in its on going efforts to cover the market and ensure compliance with risk based supervision model.

The commission further informed the insurers that its portal was running and that the compliance level was high but not without some challenges, adding that the Commission was working assiduously to address those challenges.

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