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The National Insurance Commission (NIC) has taken steps that will ensure insurers in the market comply with the International Financial Reporting Standards ahead of September 30 deadline set by the Regulator. The Regulator exposed the industry�s Chief Executive Officers (CEO�s) and Chief Finance Officers (CFO�s) to a one-day intensive workshop on the nitty-gritty of the global financial reporting format, facilitated by reputable international consultants. Mrs. Nyamikeh Kyiamah, Commissioner, NIC, said the workshop was aimed at getting the insurance companies ready for development in the global insurance market. Mr. Simon Nerro Davor, Deputy Commissioner, NIC, called on all insurers operating in the country to meet the newly-developed reporting standards by close of the third quarter. The call has come on the heels of insurers moving from compliance supervision to risk-based. This means that only new insurers entering the market will be made to bring in the new capital requirement of US$5million while existing ones will only underwrite what its capacity can take. Under the new reporting standard, the Regulator said companies are required to show a clear calculation of its solvency. Companies are also required to show clearly their balance sheet, income statement, premium and unearned premium. The reports are also required to show details of outward reinsurance, receivables, and payables from insurers. Others include investment policies by class of business and statutory information. The new reforms, according to NIC, are part of the new global trends. �We at NIC did our research into the United Kingdom, Canada and the United States markets; in Africa we went to South Africa, Kenya and CIMA markets, and we have developed the reporting standards to suit our local market.� Detailed financial reporting has been considered an albatross of the insurance industry, and it is characterised by inadequate information flow in the past among others. Mr. Davor said that the objective is meant to improve information receipts from the industry to enable the Regulator assess performance on a quarterly basis. Importantly, too, improved disclosure requirements of the industry will benefit policyholders.