NAICOM denies sanction report on 14 insurance firms over 2017 account

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The National Insurance Commission (NAICOM) has refuted a newspaper report (Not the Nation) that it has sanctioned 14 insurance firms for failing to submit their 2017 financial accounts.

The Commission in a statement signed by its Deputy Director, Head, Corporate Affairs, ‘Rasaaq ‘Salami expressed shock at the display of ignorance and total lack of knowledge by the report.

The statement read: “NAICOM has not sanctioned any insurance firm for failure to submit it’s 2017 accounts as claimed in the said news reports.

“Please note that the deadline for submission of financial reports by the to the Commission in accordance with extant laws is June 30th. Thus, no insurance company could be said to be at default when the year is still in April.

“The Commission, therefore, urges the Media to seek clarifications on issues they are ignorant of before publishing in order not to mislead the public.”