The National Insurance Commission (NAICOM) has certified statement of accounts of thirty four insurance companies.
The accounts met with statutory criteria of the new Financial Reporting Accounting Standards.
The approval is coming ahead of deadline set for insurance companies to submit their full-year audited financial report to the Com mission, as stipulated in the Insurance Act 2003.
Before the expiration of the deadline on tuesday June 30, forty-one companies had submitted their accounts out of which thirty four received approval.
Report obtained from the commission by Oriental News Nigeria indicated that account of seven companies are still at different stages of review while the remaining seventeen are yet to submit their accounts.
The implication of this is that the remaining companies, according to the Act, would be on penalty of N5000.00 each day and payable to the industry regulator until they submit their audited account.
The commission had earlier issued warning against default but subtly observed that there has been an improvement from what it was in the previous year.
NAICOM also observed that the new financial reporting is a major challenge facing the insurance industry.