THE 2012 compliant accounts of the International Financial Reporting Standards (IFRS) set by government for insurance and brokerage entities, may have hit hard on the ability of insurance brokers to submit their audited financial statements for 2013.

As a result, the National Insurance Commission (NAICOM) has warned defaulting insurance brokerage firms that any intermediary that has not received approval for its audited financial statement and accounts for 2013 will not get their licences renewed in 2015.