IMF Staff Country Reports

Nigeria: Publication of Financial Sector Assessment Program Documentation––Detailed Assessment of Observance of Insurance Core Principles

Publication Date:

May 28, 2013

Electronic Access:

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Summary:

Nigeria undertook a Financial Sector Assessment Program (FSAP), which included a review of the structure of Nigeria’s insurance market and the supervisory framework. The assessment was benchmarked against the Insurance Core Principles (ICPs) issued by the International Association of Insurance Supervisors (IAISs). It is advised that the National Insurance Commission (NAICOM) of Nigeria can expand the objective to include the creation of a fair, safe, and stable insurance sector for the benefit and protection of policyholders.

Series:

Country Report No. 2013/145

Subject:

Anti-money laundering and combating the financing of terrorism (AML/CFT) Capital adequacy requirements Crime Financial institutions Financial regulation and supervision Financial sector policy and analysis Insurance Insurance companies Solvency