Publication: Nigeria : Insurance Core Principles
Date
2013-05
ISSN
Published
2013-05
Author(s)
International Monetary Fund
World Bank
Abstract
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.
Citation
“International Monetary Fund; World Bank. 2013. Nigeria : Insurance Core Principles. © World Bank, Washington, DC. http://hdl.handle.net/10986/15962 License: CC BY 3.0 IGO.”