Lagos - 26 insurance companies will be sanctioned for failing to submit their 2013 financial reports to the National Insurance Commission (NAICOM) before the June 30 deadline.
Each of them is expected to pay a fine of N5 000 per day for each day of default, reports Daily Independent
The affected companies are also barred from declaring any dividends until the Commission has approved their annual returns.
Only 34 out of the 60 insurance firms operating in the country met the June 30 deadline.
Read more at Daily Independent
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