Nigeria : Insurance Core Principles
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World Bank, Washington, DC
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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.
Palabras clave
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