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Submission: On April 12 via api from ZA — Scanned from GB
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Accept All Save My Preferences Reject All Powered by Menu Menu * Home * Business * Politics * Nigeria * International 2Open submenu * Health & Wellbeing * Education * Life & Style * Sport * Editorial * Backpage * Close submenuInternational * Africa * Rest of the World * * Wednesday, 12th April, 2023 * * * * Home * Business * Politics * Nigeria * International * Africa * Rest of the World * Health & Wellbeing * Education * Life & Style * Sport * Editorial * Backpage * Search for: Breaking News INEC: NO ACT OF INFRACTION SUBSTANTIAL ENOUGH TO NULLIFY 2023 PRESIDENTIAL POLL 6 HOURS AGO CHIMAMANDA: BUHARI, INEC BLEW LAST CHANCE TO EMERGE NIGERIA’S HEROES 6 HOURS AGO MAINTAIN TIGHT MONETARY POLICY TO CHECK INFLATION, IMF TELLS CBN 6 HOURS AGO APC, INEC DEFENDS TINUBU’S ELECTION AS PRESIDENT, ASK TRIBUNAL TO DISMISS OBI, LP PETITION 22 HOURS AGO LATEST HEADLINES Nigeria ‘ADELEKE PLEASED WITH CRACKDOWN ON CRIMINALS IN OSUN’ 09:25, 12th Apr, 2023 by Ima Ekanem Nigeria MBAH: I PERFORMED NYSC DUTIES AND WAS DISCHARGED HONOURABLY 09:00, 12th Apr, 2023 by Ima Ekanem Breaking INEC: NO ACT OF INFRACTION SUBSTANTIAL ENOUGH TO NULLIFY 2023 PRESIDENTIAL POLL 04:19, 12th Apr, 2023 by Chuks Okocha Breaking CHIMAMANDA: BUHARI, INEC BLEW LAST CHANCE TO EMERGE NIGERIA’S HEROES 04:18, 12th Apr, 2023 by Emmanuel Addeh -------------------------------------------------------------------------------- NAICOM GIVES INSURERS DEADLINE FOR MIGRATION TO IFRS 17 FINANCE REPORTING STANDARD Business | 10 hours ago Shares Share Tweet Pin Email Share Share Share Share Ebere Nwoji. The National Insurance Commission (NAICOM) has said that Insurance Managers would effect from June this year submit their annual reports and accounts based on Financial Reporting Standard (IFRS)17. The operators have been preparing and submitting their companies’ reports and accounts based on IFRS14 and are expected to be allowed to submit their 2022 report to NAICOM using the IFRS 14 model. NAICOM stated this at the recent meeting with Directors of various insurance firms in Lagos. NAICOM, which at the meeting discussed other vital issues affecting insurance business in the country also harped on the need for the directors and managers of various insurance firms to build public confidence through transparency in claims settlement. NAICOM Director General, Mr Sunday Thomas said as a way of building public confidence and trust in insurance industry, the directors could advertise outstanding claims in their books so that the policyholders who have any claim would be aware to go for it. NAICOM which informed the media of the outcome of its meeting with the insurance directors through a member of Publicity and Sub Communication of the Insurers Committee, Mr Ben Ujoatuonu, gave other highlights of the decisions taken at the meeting saying it was agreed that efforts should be geared up to ensure harmonisation of claims payment processes and make it very seamless and easy to understand. On customer service and engagement, Ujoatuonu said the commission encourage the insurers to come up with initiatives that would enhance customer-operators relationship, help to endear the operators to their customers as well as boost customer retention. He said such relationship and publicity should be deployed to the marketing of the Third Party Motor Insurance, adding that the market has been given the go ahead to publicise not only the upward review of the premium payable but also the value and benefits the policyholders stand to gain. He said the house would meet further in a smaller committee to finalise the arrangements, stating that the campaign might commence in the month of May. Ujoatuonu said the third batch of underwriters had received letter of visitation by NAICOM in its on going efforts to cover the market and ensure compliance with risk based supervision model. The commission further informed the insurers that its portal was running and that the compliance level was high but not without some challenges, adding that the Commission was working assiduously to address those challenges. Please accept cookies to access this content RELATED ARTICLES Founded on January 22, 1995, THISDAY is published by THISDAY NEWSPAPERS LTD., 35 Creek Road Apapa, Lagos, Nigeria with offices in 36 states of Nigeria , the Federal Capital Territory and around the world. It is Nigeria’s most authoritative news media available on all platforms for the political, business, professional and diplomatic elite and broader middle classes while serving as the meeting point of new ideas, culture and technology for the aspirationals and millennials. The newspaper is a public trust dedicated to the pursuit of truth and reason covering a range of issues from breaking news to politics, business, the markets, the arts, sports and community to the crossroads of people and society. HELPFUL LINKS * Home * About Us * Privacy Policy * Terms & Conditions CONTACT US You can email us at: hello@thisdaylive.com or visit our contact us page. Close menu