Nigeria : Insurance Core Principles

International Monetary Fund; World Bank

Nigeria : Insurance Core Principles

2013

International Monetary Fund | World Bank

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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accounting agents agricultural insurance arbitrage assurance bank deposits commissions common law conflict of interest consumer protection consumers developing countries economic development expenditure financial analysis financial market fraud health care human capital human resources income inflation insurance international bank investment insurance jurisdiction legal system levies levy liquid assets liquidity market structure pension pensions privatization real estate risk assessment risk management risk transfer savings stock exchange valuation

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Editorial

World Bank, Washington, DC

Otras materias

Investment portfolios; Treaty; Liability insurance; Tax treatment; Operational independence; Actuaries; Surety; Checks; Code of conduct; International best practice; Life expectancy; Foreign ownership; Market risks; Valuations; Government assets; Banking regulation; Rates; Market efficiency; Jurisdictions; Market development; Deposit insurance; Market share; Insurance supervision; Moral suasion; Insolvent insurers; Use of derivatives; Financial statements; Debentures; Treasury certificates; Insurers; Corporate governance framework; Holding companies; Motor insurance; Core business; Reserve fund; Treasury bills; Financial reporting; Cross-border cooperation; Holding; Intangible assets; Intangible; Market shares; Risk profile; Legal authority; Financial sector; Treasury; Real estate loans; Solvency requirements; Limited liability; Fraud risks; Issuance; Compulsory insurance; Banking sector; Finances; Insurance corporation; Portfolio; Debenture; Indemnity; Audit committee; Supervisory powers; Actuarial science; Legal protection; Market infrastructure; Re-insurance; Supervisory regime; Central bank; Reserves; Public company; Audits; International best practices; Broker; Beneficiaries; Confidentiality; Limited liability companies; Insurance market; Prudent man; Return; Safety net; Holdings; Trading; Government paper; Indemnity insurance; Track record; Deposits; Certificate of deposits; Reinsurance companies; Internal audit; Terrorism; Securities; Disclosure standards; Market capitalization; Regulator; Financing arrangements; Disclosure of information; Foreign investments; Capital adequacy; Technical assistance; Government grants; Insurer; Insurance products; Reinsurance capacity; Transparency; Insurance premiums; Market value; Regulatory gap; Market information; Regulators; Disclosure requirements; Government bonds; Outsourcing; Reserve requirement; Regulatory requirements; Life insurers; Margin requirement; Internal controls; Government policy; Capital base; Disclosure standard; Supervisory framework; Deposit; Dissemination of information; Asset-liability management; Frauds; Enforcement power; Financial services; Types of instruments; Banking regulations; Workers compensation; Investment instruments; Financial stability; Stock prices; Investment income; Annuities; Reinsurance; Reinsurers; Insurance industry; Insurance activity; Commercial papers; Shareholders; Foreign investors; Market participants; Group life insurance; Regulatory environment; Minimum capital requirements; Pension system; Coverage; Enforceability; Money laundering; Exporter; Capital requirement; Solvency; Transaction; Private equity; Insurance supervisors; Domestic regulators; Inspections; Investigations; Share value; Corporate governance; Limited liabilities; Insurance activities; Reserve; Monetary fund; Minimum capital requirement; Insurance markets; Systemic risk; Non-life insurance; Financial institution; Protection of policyholders; Tax; Insurance company; Financial information; Exchange commission; Money market; Auditors; Life insurance; Government ownership; Insurance penetration; Reserve requirements; Brokers; Capital markets; Credit guarantee; Insurance contracts

Licencia

http://hdl.handle.net/10986/15962http://creativecommons.org/licenses/by/3.0/World BankCC BY 3.0 Unported

En AGRIS desde: 2014-09-15

Formato: AGRIS AP

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http://hdl.handle.net/10986/15962

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Nigeria : Insurance Core Principles

2013

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