{
  "title": "Nigeria: Publication of Financial Sector Assessment Program Documentation––Detailed Assessment of Observance of Insurance Core Principles",
  "publication": "IMF Staff Country Reports, May 28, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/nigeria-publication-of-financial-sector-assessment-program-documentationdetailed-assessment-40581",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/nigeria-publication-of-financial-sector-assessment-program-documentationdetailed-assessment-40581",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/nigeria-publication-of-financial-sector-assessment-program-documentationdetailed-assessment-40581/index.md",
  "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.",
  "publishDate": "2013-05-28",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Nigeria undertook a Financial Sector Assessment Program (FSAP), which included a review of the structure of Nigeria’s insurance market and the supervisory framework.\n- The assessment was benchmarked against the Insurance Core Principles (ICPs) issued by the International Association of Insurance Supervisors (IAISs).\n- 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."
    },
    {
      "heading": "Key findings and thematic focus",
      "content": "- The FSAP review covered:\n  - Structure of Nigeria’s insurance market.\n  - Supervisory framework for insurance.\n- Subject areas listed:\n  - Anti-money laundering and combating the financing of terrorism (AML/CFT)\n  - Capital adequacy requirements\n  - Crime\n  - Financial institutions\n  - Financial regulation and supervision\n  - Financial sector policy and analysis\n  - Insurance\n  - Insurance companies\n  - Solvency"
    },
    {
      "heading": "Policy recommendations and supervisory guidance",
      "content": "- Recommendation highlighted:\n  - NAICOM can expand its objective to explicitly include creating a fair, safe, and stable insurance sector for the benefit and protection of policyholders."
    },
    {
      "heading": "Keywords and governance, risk, and technical terms referenced",
      "content": "- Keywords:\n  - Africa\n  - Anti-money laundering and combating the financing of terrorism (AML/CFT)\n  - beneficial owner\n  - business plan\n  - Capital adequacy requirements\n  - contingency reserve\n  - corporate governance\n  - CR\n  - holding company\n  - independent director\n  - Insurance\n  - Insurance companies\n  - ISCR\n  - line of business\n  - margin requirement\n  - market share\n  - NAICOM approval\n  - NAICOM staff\n  - risk management\n  - Solvency\n  - West Africa\n\n---\n\n Content in this bundle\n\n- Cr13145 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/nigeria-publication-of-financial-sector-assessment-program-documentationdetailed-assessment-40581"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/nigeria-publication-of-financial-sector-assessment-program-documentationdetailed-assessment-40581/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/nigeria-publication-of-financial-sector-assessment-program-documentationdetailed-assessment-40581/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/nigeria-publication-of-financial-sector-assessment-program-documentationdetailed-assessment-40581/bundle-manifest.json)",
    "Published: May 28, 2013",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484340882.002",
    "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.",
    "The FSAP review covered:",
    "Subject areas listed:",
    "Recommendation highlighted:",
    "Keywords:",
    "[Cr13145 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13145.pdf){rel=\"external\" type=\"application/pdf\"}"
  ],
  "related": [
    {
      "title": "Cr13145",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13145.pdf",
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13145.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/nigeria-publication-of-financial-sector-assessment-program-documentationdetailed-assessment-40581/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/nigeria-publication-of-financial-sector-assessment-program-documentationdetailed-assessment-40581/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/nigeria-publication-of-financial-sector-assessment-program-documentationdetailed-assessment-40581/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-27T17:32:35.809Z"
}