The National Insurance Commission has flagged weak financial disclosures, solvency gaps and deficiencies in recapitalisation planning by some insurance companies, warning that the ongoing recapitalisation exercise leaves little room for repeated errors or delays in regulatory approvals.
The concerns were raised at a one-day stakeholders’ session jointly organised by the Nigerian Insurers Association and NAICOM for the insurance industry at the NEM Insurance auditorium in Lagos.
The PUNCH reports that the session brought together finance, audit and compliance officers of insurance firms, external auditors, actuaries and industry consultants. In his welcome address, the Chairman of the Accounting Technical Committee of the NIA, Emmanuel Otitolaiye, said the engagement was necessitated by issues identified during NAICOM’s review of insurers’ 2024 audited financial statements.
According to him, the objective of the session was for insurers to take on board the learning points and incorporate them into their 2025 financial statements to reduce the volume of regulatory queries and enable faster approvals.
He said, “The importance of this programme cannot be overemphasised, as it provides an opportunity for us to learn directly from NAICOM based on the review of the 2024 financial statements submitted by the industry.
“Several issues were identified during the review, and in view of the collaborative relationship between NAICOM and the industry, the Commission is not primarily focused on penalising operators but rather on working with the industry to address the identified learning points. This is the rationale behind the organisation of this programme in January.”
