NAICOM to verify capital bases of insurance firms this quarter

The National Insurance Commission (NAICOM) is to commence verification of the capital resources of all insurance companies this quarter, according to its Head, Corporate Affairs, Mr. Rasaaq Salami. Speaking in Abuja last week, Salami said the exercise will help to protect insurance policyholders and contract beneficiaries against unexpected losses by insurance companies and 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. 

“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 an opinion on financial reports are discharged creditably in accordance with extant laws and professional standards,’’ Salami said.