The National Insurance Commission (NAICOM) says it has approved 39 out of 49 insurance companies during the 2016 financial reports submitted to it.

The Commission's Head of Corporate Affairs, Mr Rasaaq Salami said in a statement on Thursday in Abuja that reports of two companies -Nigeria Reinsurance Corporation and KBL Insurance Limited -were queried, while eight were undergoing review.

He listed the companies with its reports under review to include Guinea Insurance, African Alliance Insurance, Nigeria Agriculture Insurance Cooperation, Equity Assurance and Capital Express Insurance

Others are: Universal Insurance, Saham Unitrust Insurance and UNIC Insurance Plc.

Salami, however, said FBN Insurance, Wapic Life, Ensure Insurance, Continental Reinsurance, Zenith General Insurance, Zenith Life assurance and Consolidated Hallmark, Custodian and Allied and Custodian Life Insurance financial reports were approved.

Others with financial reports approved included Law Union and Rock, Wapic General, AIICO Insurance, AXA Mansard, Prestige Assurance, Nem Insurance Plc, Regency Insurance Plc, Lasaco Assurance, UnityKapital Assurance,Cornerstone Insurance and Fin Insurance Plc.

He said the financial reports of Royal Exchange General, Leadway Assurance Plc, Old Mutual Life Insurance, Staco Assurance, Royal Prudential Life and Mutual Benefit Life assurance Plc companies and ARM Life were also approved.

According to him, the Commission also approved the financial statements of Sovereign Trust Insurance, NSIA Insurance, Standard Alliance Life Assurance, Linkage Assurance, Sterling Assurance, Anchor and Standard Alliance General Insurance.

NAICOM is the apex body established to regulate and supervise the Nigerian insurance sector.

The commission’s regulation requires insurance firms to submit their financial statements on or before March 31.

The Insurance Act imposes a daily fine of N5,000 on firms that fail to meet the March 31 deadline for the submission of their accounts. (NAN)