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Economic & Sector Work :: Financial Sector Assessment Program (FSAP)

Nigeria : Insurance Core Principles

ACCOUNTING ACTUARIAL SCIENCE ACTUARIES AGENTS AGRICULTURAL INSURANCE ANNUITIES ARBITRAGE ASSET-LIABILITY MANAGEMENT ASSURANCE AUDIT COMMITTEE AUDITORS AUDITS BANK DEPOSITS BANKING REGULATION BANKING REGULATIONS BANKING SECTOR BENEFICIARIES BROKER BROKERS CAPITAL ADEQUACY CAPITAL BASE CAPITAL MARKETS CAPITAL REQUIREMENT CENTRAL BANK CERTIFICATE OF DEPOSITS CHECKS CODE OF CONDUCT COMMERCIAL PAPERS COMMISSIONS COMMON LAW COMPULSORY INSURANCE CONFIDENTIALITY CONFLICT OF INTEREST CONSUMER PROTECTION CONSUMERS CORE BUSINESS CORPORATE GOVERNANCE CORPORATE GOVERNANCE FRAMEWORK COVERAGE CREDIT GUARANTEE CROSS-BORDER COOPERATION DEBENTURE DEBENTURES DEPOSIT DEPOSIT INSURANCE DEPOSITS DEVELOPING COUNTRIES DISCLOSURE OF INFORMATION DISCLOSURE REQUIREMENTS DISCLOSURE STANDARD DISCLOSURE STANDARDS DISSEMINATION OF INFORMATION DOMESTIC REGULATORS ECONOMIC DEVELOPMENT ENFORCEABILITY ENFORCEMENT POWER EXCHANGE COMMISSION EXPENDITURE EXPORTER FINANCES FINANCIAL ANALYSIS FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL REPORTING FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL STATEMENTS FINANCING ARRANGEMENTS FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN OWNERSHIP FRAUD FRAUD RISKS FRAUDS GOVERNMENT ASSETS GOVERNMENT BONDS GOVERNMENT GRANTS GOVERNMENT OWNERSHIP GOVERNMENT PAPER GOVERNMENT POLICY GROUP LIFE INSURANCE HEALTH CARE HOLDING HOLDING COMPANIES HOLDINGS HUMAN CAPITAL HUMAN RESOURCES INCOME INDEMNITY INDEMNITY INSURANCE INFLATION INSOLVENT INSURERS INSPECTIONS INSURANCE INSURANCE ACTIVITIES INSURANCE ACTIVITY INSURANCE COMPANY INSURANCE CONTRACTS INSURANCE CORPORATION INSURANCE INDUSTRY INSURANCE MARKET INSURANCE MARKETS INSURANCE PENETRATION INSURANCE PREMIUMS INSURANCE PRODUCTS INSURANCE SUPERVISION INSURANCE SUPERVISORS INSURER INSURERS INTANGIBLE INTANGIBLE ASSETS INTERNAL AUDIT INTERNAL CONTROLS INTERNATIONAL BANK INTERNATIONAL BEST PRACTICE INTERNATIONAL BEST PRACTICES INVESTIGATIONS INVESTMENT INCOME INVESTMENT INSTRUMENTS INVESTMENT INSURANCE INVESTMENT PORTFOLIOS ISSUANCE JURISDICTION JURISDICTIONS LEGAL AUTHORITY LEGAL PROTECTION LEGAL SYSTEM LEVIES LEVY LIABILITY INSURANCE LIFE EXPECTANCY LIFE INSURANCE LIFE INSURERS LIMITED LIABILITIES LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIQUID ASSETS LIQUIDITY MARGIN REQUIREMENT MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET EFFICIENCY MARKET INFORMATION MARKET INFRASTRUCTURE MARKET PARTICIPANTS MARKET RISKS MARKET SHARE MARKET SHARES MARKET STRUCTURE MARKET VALUE MINIMUM CAPITAL REQUIREMENT MINIMUM CAPITAL REQUIREMENTS MONETARY FUND MONEY LAUNDERING MONEY MARKET MORAL SUASION MOTOR INSURANCE NON-LIFE INSURANCE OPERATIONAL INDEPENDENCE OUTSOURCING PENSION PENSION SYSTEM PENSIONS PORTFOLIO PRIVATE EQUITY PRIVATIZATION PROTECTION OF POLICYHOLDERS PRUDENT MAN PUBLIC COMPANY RATES RE-INSURANCE REAL ESTATE REAL ESTATE LOANS REGULATOR REGULATORS REGULATORY ENVIRONMENT REGULATORY GAP REGULATORY REQUIREMENTS REINSURANCE REINSURANCE CAPACITY REINSURANCE COMPANIES REINSURERS RESERVE RESERVE FUND RESERVE REQUIREMENT RESERVE REQUIREMENTS RESERVES RETURN RISK ASSESSMENT RISK MANAGEMENT RISK PROFILE RISK TRANSFER SAFETY NET SAVINGS SECURITIES SHARE VALUE SHAREHOLDERS SOLVENCY SOLVENCY REQUIREMENTS STOCK EXCHANGE STOCK PRICES SUPERVISORY FRAMEWORK SUPERVISORY POWERS SUPERVISORY REGIME SURETY SYSTEMIC RISK TAX TAX TREATMENT TECHNICAL ASSISTANCE TERRORISM TRACK RECORD TRADING TRANSACTION TRANSPARENCY TREASURY TREASURY BILLS TREASURY CERTIFICATES TREATY TYPES OF INSTRUMENTS USE OF DERIVATIVES VALUATION VALUATIONS WORKERS COMPENSATION
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World Bank, Washington, DC
Africa | Nigeria
2013-10-01T16:39:06Z | 2013-10-01T16:39:06Z | 2013-05

This assessment provides an update on the significant regulatory and supervisory development in the Nigerian insurance sector since 2001. Nigeria undertook an initial Financial Sector Assessment Program (FSAP) in December 2001, which included a review of the structure of Nigeria's insurance market and the supervisory framework and approach. Nigeria has also undertaken reviews of its observance of international accounting and auditing standards (2004 and 2011), and corporate governance (2008). The Nigerian authorities have taken steps to address a number of weaknesses identified in the 2001 FSAP. The assessment was benchmarked against the Insurance Core Principles (ICPs) issued by the International Association of Insurance Supervisors (IAIS) in October 2011. As the compulsory insurance is enforced, the cost of intermediation of compulsory insurance and the purchase of retirement annuities need to be addressed to improve efficiency of the market. This note is structured as follows: chapter one gives key findings and recommendations; and chapter two gives detailed assessment.

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