IFRS Accounts 2012: NAICOM Approves five Insurance Companies

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The National Insurance Commission (Naicom) has announced its approval of the 2012 International Financial Reporting Standard (IFRS) accounts of five insurance companies out of the 22 applications submitted to the commission.

 In a statement signed by the assistant director of the commission, Mr. Salami ‘Rasaaq, NAICOM named the approved insurance companies as: Masard Insurance Plc, ADIC Insurance, WAPIC Insurance Plc, Oasis Insurance and Consolidated Hallmark Insurance while that of First Bank Life Assurance and AIICO Insurance are undergoing review.

 He further stated that the accounts of UBA Metropolitan Life, Custodian and Allied, NEM, Crusader General, Crusader Life, Zenith General, Zenith Life, FIN Insurance, Standard Alliance Life, Crystal Life, Sterling Assurance, Leadway Assurance, Wapireviewedc Life and Industrial and General Insurance (IGI) Plc are still being   reviewed.

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