Insurance Firms Filings and X-Compliance Status Ahead Of Recapitalization Deadline

Proshare

Wednesday, September 12, 2018   11:25AM  / Proshare Research 

As the recapitalisation deadline of October 1, 2018 set by the National Insurance Commission (NAICOM) draws near, the X-Compliance status of the listed insurance firms is presented below. 

The first table is on the status of insurance firms that have filed their 2017 Audited Accounts. It shows their current market price and the date the 2017 accounts was filed among other details. 

Table two (2) is a reflection/presentation of insurance firms that have missed their filing date and penalised by the NSE. It also showed the date the result was eventually filed, and the amount paid as penalties while table three (3) presented firms which has been suspended by the regulator due to their failure to file the relevant accounts by the expiration of the cure period.

 

Insurance Firms That filed Within The Regulatory Filing Date and Those That Are Yet to File.

Proshare Nigeria Pvt. Ltd.

Source: NSE X-Compliance Report, Proshare Research

 Below are the lists of insurance companies that filed their 2017 Audited and 2018 Interim Financial Statements after the regulatory due date. These insurance firms have their 2017 Audited Financial approved and same filed with NSE. 

Total penalties paid by the sector is N150.5m

 

2018 Default Filings

S/NO

NAME OF COMPANIES

FISCAL YEAR

PENALTY (N)

Date Filed

1

Equity Assurance Plc

Audited 2017

     2,400,000.00

27-Apr-18

2

Great Nigeria Insurance Plc

Audited 2017

     6,600,000.00

06-Jun-18

3

Great Nigeria Insurance Plc

Q1 2018

     3,700,000.00

06-Jun-18

4

Linkage Assurance Plc

Audited 2017

     3,500,000.00

08-May-18

5

Mutual Benefit Assuarnce Plc

Audited 2017

     3,800,000.00

11-May-18

6

Mutual Benefit Assuarnce Plc

Q1 2018

     1,600,000.00

16-May-18

7

Niger Insurance Plc

Audited 2017

     8,500,000.00

27-Jun-18

8

Niger Insurance Plc

Q1 2018

     5,800,000.00

27-Jun-18

9

Royal Exchange Plc

Audited 2017

     1,800,000.00

18-Jul-18

10

Royal Exchange Plc

Q1 2018

     7,900,000.00

18-Jul-18

11

Sovereign Trust Insurance Plc

Audited 2017

     2,100,000.00

24-Apr-18

12

Universal Insurance Plc

Audited 2017

   10,600,000.00

18-Jul-18

13

Universal Insurance Plc

Q1 2018

     8,700,000.00

26-Jul-18

14

Universal Insurance Plc

Half Year 2018

         200,000.00

01-Aug-18

15

Veritas Kapital Assurance Plc

Audited 2017

   16,100,000.00

06-Aug-18

16

Veritas Kapital Assurance Plc

Q1 2018

   10,400,000.00

07-Aug-18

17

Veritas Kapital Assurance Plc

Half Year 2018

         800,000.00

07-Aug-18

18

Cornerstone Insurance Plc

Audited 2017

   16,500,000.00

08-Aug-18

19

Cornerstone Insurance Plc

Q1 2018

   10,800,000.00

08-Aug-18

20

Standard Alliance Insurance Plc

Audited 2017

   13,900,000.00

24-Aug-18

21

Standard Alliance Insurance Plc

Q1 2018

   14,800,000.00

27-Aug-18

Source: NSE X-Compliance Report

 The companies listed below were suspended pursuant to the provision of Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”), which provides that; 

“If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: 

a) Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period; 

b) Suspend trading in the Issuer’s securities; and 

c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.” 

Regulatory Suspension

Name

Year End

Date of Suspension

Reason (s)

African Alliance Insurance Plc

December

05-Jul-18

Failure to file the relevant accounts by the expiration of the Cure Period

STACO Insurance Plc

December

05-Jul-18

Failure to file the relevant accounts by the expiration of the Cure Period

Source: NSE X-Compliance Report

 

For further details on this reporting, contact

Saheed KIARIBE Research & Investor Services | +234-805-585-2156 | research@proshareng.com

 

Proshare Nigeria Pvt. Ltd.

 

 

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