NSE slams N9.8m penalty on insurance firms

NO fewer than 40per cent of insurance companies operating in the market has been penalised by the Nigerian Stock Exchange (NSE) for late submission of their financial statement.The companies, which were required to pay a total sum of N9.857 million as penalty for late submission of their financial statement, were said to have been notified of the development.The revelation was contained in the latest X-Compliant Report released by the exchange, stating that all the affected companies filed their 2010 and 2011 financial statements to NSE after due date.According to the report, Cornerstone Insurance was axed for late submission of audited account for December 2011 and a penalty of N1.5 million was slammed on it, while Niger Insurance was made to pay a sum of N900,000 for the same offence, although it paid additional N258,570 for late submission of December 2010 audited account, March, June and September 2011 audited quarterly accounts.Universal Insurance Plc equally paid N900,000 to the NSE for late submission of 2011 audited account, while it also paid N245,714 as penalty for late submission of December 2010 audited account. Regency Alliance Insurance paid N500,000 penalty for late submission of its December 2011 audited account, even as it also submited late its December 2010 audited account, a default that attracted N78,571.Also, Royal Exchange Plc paid N900,000 for late filling of its audited December 2011 account to NSE, while Crusader Insurance Plc paid N800,000 for the same offence.Others involved included Unity Kapital Assurance, N900,000; Equity Assurance Plc, N514,285; Prestige Assurance Plc, N15,714, while Law and Union Rock Insurance Plc had to pay N31,428 for late submission of its December 2010 audited account.
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