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

IMF Staff Country Reports, May 28, 2013

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

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Bibliographic details

• Published: May 28, 2013
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781484340882.002

Overview

• 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.

Key findings and thematic focus

• The FSAP review covered:
  • Structure of Nigeria’s insurance market.
  • Supervisory framework for insurance.
• Subject areas listed:
  • 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

Policy recommendations and supervisory guidance

• Recommendation highlighted:
  • NAICOM can expand its objective to explicitly include creating a fair, safe, and stable insurance sector for the benefit and protection of policyholders.

Keywords and governance, risk, and technical terms referenced

• Keywords:
  • Africa
  • Anti-money laundering and combating the financing of terrorism (AML/CFT)
  • beneficial owner
  • business plan
  • Capital adequacy requirements
  • contingency reserve
  • corporate governance
  • CR
  • holding company
  • independent director
  • Insurance
  • Insurance companies
  • ISCR
  • line of business
  • margin requirement
  • market share
  • NAICOM approval
  • NAICOM staff
  • risk management
  • Solvency
  • West Africa

Content in this bundle

• Cr13145 (PDF)