While briefing journalists on the results of the 14th Insurers Committee Meeting held in Lagos, members of the Publicity and Communications Sub-Committee disclosed this.
The members claim that within the parameters of the standards, IFRS 17 establishes the fundamentals for the identification, evaluation, presentation, and disclosure of insurance contracts.
Rasaaq Salami, Head of Corporate Communications and Market Development at NAICOM, said the commission would make sure operators complied with IFRS 17.
Salami said that the commission had established sub-working groups to speed up the industry’s transition in an effort to get underwriting businesses ready for the new financial reporting methodology.
Sunday Thomas, the Commissioner for Insurance, urged the attendees to prepare for the implementation of IFRS 17 and emphasized that the time for migration had already passed.
“You are, therefore, required to ensure that your entities are in full compliance and ready for the dateline,” the commissioner charged.
Additionally, he gave all insurance company directors the responsibility of taking the subject of industry development seriously and collaborating with their management teams to meet predetermined goals.
“The commission is working assiduously to open up the market particularly the retail end, conducting engagements with various agencies and state governments on the need to increase insurance culture in Nigeria,” he said.
