The purpose of this study is to investigate the effect of the characteristics of audit committee on timeliness of corporate financial reporting in the Nigerian insurance industry. The study employed ex post facto research design, and used secondary data extracted from the annual reports of fifteen insurance firms listed on the Nigerian Stock Exchange during the period 2012 to 2015. Four hypotheses were formulated and tested using the Ordinary Least Square method of multiple regressions. Results revealed a significantly negative relationship between audit committee meeting frequency and timeliness of corporate financial reporting. Also, there was a negative but insignificant association between audit committee gender, as well as audit committee independence, and corporate financial reporting. Finally, the results showed that audit committee size was positively and statistically, insignificantly related to timelines 23s in corporate financial reporting. The study has implications for insurance firms seeking timely release of financial reports. It recommended that insurance firms should increase the frequency of meetings of the audit committee and perform more due diligence on prospective independent and female members of the audit committees.