By Favour Nnabugwu
The National Insurance Commission, Naicom has did that the regulatory body will begin to ask operator to file report in the Financial Reporting Standard 17 (FIRS 17) from June this year.
FRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard.
The objective of FRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts.
The Insurers steering committee during a meeting on Thursday revealed that the FRS 17 will take effect from June 2023.
Making this know is the Head Corporate Communication and Market Development who is part of the committee who said that Naicom is helping companies to make sure they comply and for the meanwhile time, they will submit the FRS 14 before June 2023.
Salami at this point said,”Operators have been given up till June this year to submit their accounts on FRS 17″.
The commission, said in its efforts to get insurance firms ready for the new finance reporting model, it had set up sub-working groups to facilitate the migration.
The Commissioner for Insurance, Mr Olorundare Sunday Thomas, urged board members of each insurance firm to get prepared for the IFRS 17 implementation pointing out that the deadline for migration was already at hand.
“I want to urge you also to follow up on the implementation of International Financial Reporting Standards. IFRS 17 in your companies.
You are therefore required to ensure that your entities are in full compliance and ready for the dateline”, the commissioner charged
He also urged the directors to take the issue of development of insurance in the country serious directing them to work closely with their management because a lot was expected from them at the top level.
“The Commission is working assiduously to open up the market particularly the retail end, conducting engagements with various agencies and state governments on the need to boost insurance culture across the country”.
However, the supply side which is the insurance companies must also be proactive with follow-ups in these places. If the industry is desirous of having significant impact on the nation’s GDP, it therefore must take retail business seriously.
This also must be supported with massive awareness campaign about insurance products across the geo-political zones taking into consideration peculiarity of each of the regions, “Thomas said.
