The National Insurance Commission (NAICOM) has urged underwriting firms to prepare for the adoption of the International Financial Reporting Standard (IFRS 17) as the transition date is set for June 2023.
Members of the Publicity and Communications Sub-Committee revealed this while briefing journalists on the outcome of the 14th Insurers Committee Meeting held in Lagos.
According to the members, IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standards.
Speaking on the IFRS 17, the Head of Corporate Communications and Market Development, NAICOM, ‘Rasaaq Salami, said the commission would ensure that operators comply.
Salami said the commission,…
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