The Financial Reporting Standard (IFRS)17 will be used by Insurance Managers starting in June of this year, according to the National Insurance Commission (NAICOM).
The operators are anticipated to be permitted to submit their 2022 report to NAICOM under the IFRS 14 model because they have been preparing and submitting their companies’ reports and accounts based on IFRS 14.
NAICOM repeatedly emphasized the necessity for the directors and managers of different insurance firms to increase public confidence through openness in claims settlement at the conference as it covered other crucial topics affecting the insurance industry in the nation.
Mr. Sunday Thomas, Director General of NAICOM, stated as a means of building public confidence and trust in insurance industry, the directors could advertise outstanding claims in their books so that the policyholders who have any claim would be aware to go for it.