L
LequteMan
Guest
NAICOM has flexed its muscles as regulator of the Nigerian insurance industry by issuing directives on two insurance companies in the country.
The National Insurance Commission (NAICOM) has directed Industrial and General Insurance Plc (IGI) to employ an auditing firm from among KPMG, PWC and Delloitte to conduct a comprehensive financial review of the company and submit the report to the commission within two weeks ending before August 14.
The body also prohibited the Board of UnityKapital Assurance Plc from holding any meeting or taking any further decisions in respect of the affairs of the company for the next 90 days.
The orders, which were conveyed in separate letters dated July 30 and 31 were signed by the then Deputy Commissioner (Technical), Mohammed Kari, now the substantive Commissioner for Insurance.
The auditing firm IGI is required to appoint will undertake a comprehensive review of the company’s accounting system; conduct capital verification and validate the financial position of the insurance firm as at July 31, 2015.
Additionally, IGI has been mandated to start submitting monthly report on its activities to NAICOM effective August.
Unitykapital has been directed to run the affairs of the company, while all issues, which may require approval of the board shall be referred to the commission for consideration for approval.
Besides, the management of both companies were ordered not to incur any expenditure in excess of N250, 000 and not carry out new investments or dispose any of its assets without the prior approval of NAICOM.
Daily Independent
The National Insurance Commission (NAICOM) has directed Industrial and General Insurance Plc (IGI) to employ an auditing firm from among KPMG, PWC and Delloitte to conduct a comprehensive financial review of the company and submit the report to the commission within two weeks ending before August 14.
The body also prohibited the Board of UnityKapital Assurance Plc from holding any meeting or taking any further decisions in respect of the affairs of the company for the next 90 days.
The orders, which were conveyed in separate letters dated July 30 and 31 were signed by the then Deputy Commissioner (Technical), Mohammed Kari, now the substantive Commissioner for Insurance.
The auditing firm IGI is required to appoint will undertake a comprehensive review of the company’s accounting system; conduct capital verification and validate the financial position of the insurance firm as at July 31, 2015.
Additionally, IGI has been mandated to start submitting monthly report on its activities to NAICOM effective August.
Unitykapital has been directed to run the affairs of the company, while all issues, which may require approval of the board shall be referred to the commission for consideration for approval.
Besides, the management of both companies were ordered not to incur any expenditure in excess of N250, 000 and not carry out new investments or dispose any of its assets without the prior approval of NAICOM.
Daily Independent
