Insurance : NAICOM to commence verification of Capital

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The National Insurance Commission (NAICOM) on Thursday in Abuja said it would commence verification of the capital resources of all insurance companies in 2017.

Mr Rasaaq Salami, Head, Corporate Affairs at NAICOM, told the News Agency of Nigeria (NAN) that the verification exercise would commence in the first quarter of the year.

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According to Salami, the measure will ensure the protection of policy holders and beneficiaries of insurance contracts against unexpected losses by insurance company.

According to him, the verification of capital will entail a verification of the assets and liability of all insurance companies.

He said the commission would also ensure that professionals, who took part in financial reporting, discharged their duties credibly.

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“The commission will also expect that all professionals that participate in financial reporting supply chain will ensure their duties in the evaluation of the assets and liabilities.

“They are also expected to ensure their duties in the issuance of opinion on financial reports are discharged creditably in accordance with extant laws and professional standards,’’ Salami said.

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NAN reports that one of the mandates of the NAICOM is to ensure the regulation of insurance companies and protection of insurance policy holders.

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