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, in its efforts to get underwriting firms ready for the new financial reporting model, had set up sub-working groups to facilitate the migration in the industry.

The Commissioner for Insurance, Sunday Thomas, at the meeting urged board members of each insurance firm to get prepared for the IFRS 17 implementation, pointing out that the deadline for migration was already at hand.

“You are, therefore, required to ensure that your entities are in full compliance and ready for the dateline,” the commissioner charged.

He also tasked directors of all insurance companies to take the issue of industry development seriously and work with their management teams to achieve set targets.

“The commission is working assiduously to open up the market particularly the retail end, conducting engagements with various agencies and state governments on the need to increase insurance culture in Nigeria,” he said.