NAICOM Sets January 2023 Deadline For IFRS 17 Compliance

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National Insurance Commission, NAICOM Logo

The Commissioner, National Insurance Commission, Mr Sunday Thomas, has said NAICOM will enforce full compliance with the International Financial Reporting Standards 17 on January 1, 2023.

Thomas spoke while delivering his speech at the Insurance Director’s Conference in Lagos. He said, “I want to urge you also to follow up on the implementation of the International Financial Reporting Standards. IFRS 17 in your companies.

The implementation dateline of 1st January, 2023 is right before us. “Sufficient capacity building engagements have been conducted and sub-working groups inaugurated to facilitate the migration. You are therefore required to ensure that your entities are in full compliance and ready for the dateline.”

On the issue of development of insurance in the country, he urged the directors to work closely with their management as a lot was expected from them at the top level. He said the commission was working assiduously to open up the market particularly the retail end, and conducting engagements with various agencies and state governments on the need to boost insurance culture across the country.

However, he added that the supply side comprising the insurance companies must also be proactive with follow ups in these places.

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