IMF Staff Country Reports

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

May 28, 2013

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International Monetary Fund. African Dept. "Nigeria: Publication of Financial Sector Assessment Program Documentation––Detailed Assessment of Observance of Insurance Core Principles", IMF Staff Country Reports 2013, 145 (2013), accessed 12/8/2025, https://doi.org/10.5089/9781484340882.002

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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.

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

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

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