Chief Executive Officers of insurance companies have been advised to put road map in place for implementation and adoption of International Financial Reporting Standards 17 [IFRS 17] by the year 2022.
Acting Commissioner for Insurance, Sunday Thomas, gave the advice to CEOs of insurance companies at the Insurance Committee meeting in Lagos.
He encouraged them to dedicate budget for training to ensure companies comply with the implemention of IFRS 17 by 2022.
In a chat with journalists after the meeting, a member of the committee, Ebele Nwachukwu, also revealed that the Ag CFI said that the Commission is ready to render the necessary assistance within its regulatory power to support the companies on recapitulation, stressing that insurers should take advantage of the capital market long term investment fund to boost their finances.
Nwachukwu, who is also the Managing Director, NSIA Insurance, quoted Thomas as saying that the National Insurance Commission [NAICOM] had always partnered with SEC and other relevant agencies to seek palliative for the insurance industry.
She disclosed that not less than 10 companies had approached the capital market to seek assistance towards raising funds for the recapitalisation exercise.
According to her, the recapitalisation exercise was intended to strengthen the financial position of the industry.
The committee also disclosed that the insurance industry rebranding had been put on hold due to poor financial response on the part of some members.
“The rebranding project has been stopped. We did because of issues regarding poor participation by operators. We have to come back to it. We are back on the drawing board,” the committee noted.