The 2012 International Financial Reporting Standard compliant accounts and reports of Consolidated Hallmark Insurance Plc have been approved by the National Insurance Commission.
This, according to a statement on Friday, makes the company one of the few firms that has received approval for their 2012 accounts.
"The approval was conveyed in a letter signed by NAICOM's Director of Supervision, Mr. N. O. Opara, and dated July 2, 2013, where he informed the company of the approval by the Commissioner for Insurance, Mr. Fola Daniel," the statement added.
The Managing Director and Chief Executive Officer, Consolidated Hallmark Insurance, Mr. Eddie Efekoha, attributed the approval to the determination of the management, board of directors, the entire staff as well as other stakeholders, including the company's auditors.
He said though the transition to IFRS reporting was not as seamless as envisaged in the industry, subsequent years would be less problematic for the players because of the lessons already learnt.
In line with this development, he said the company was making arrangements to present the approved financials to shareholders soon.
Efekoha said the company remained committed to ensuring that compliance issues with all regulators, both industry-based and capital market-based, would be continually adhered to as CHI strived towards its vision of being the leading provider of insurance and other financial services of international standard in the country.
