Publication:
Nigeria : Insurance Core Principles

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dc.contributor.authorInternational Monetary Fund
dc.contributor.authorWorld Bank
dc.date.accessioned2013-10-01T16:39:06Z
dc.date.available2013-10-01T16:39:06Z
dc.date.issued2013-05
dc.description.abstractThis 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/2013/05/18181390/nigeria-financial-sector-assessment-program
dc.identifier.doi10.1596/15962
dc.identifier.urihttps://hdl.handle.net/10986/15962
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectACTUARIAL SCIENCE
dc.subjectACTUARIES
dc.subjectAGENTS
dc.subjectAGRICULTURAL INSURANCE
dc.subjectANNUITIES
dc.subjectARBITRAGE
dc.subjectASSET-LIABILITY MANAGEMENT
dc.subjectASSURANCE
dc.subjectAUDIT COMMITTEE
dc.subjectAUDITORS
dc.subjectAUDITS
dc.subjectBANK DEPOSITS
dc.subjectBANKING REGULATION
dc.subjectBANKING REGULATIONS
dc.subjectBANKING SECTOR
dc.subjectBENEFICIARIES
dc.subjectBROKER
dc.subjectBROKERS
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL BASE
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL REQUIREMENT
dc.subjectCENTRAL BANK
dc.subjectCERTIFICATE OF DEPOSITS
dc.subjectCHECKS
dc.subjectCODE OF CONDUCT
dc.subjectCOMMERCIAL PAPERS
dc.subjectCOMMISSIONS
dc.subjectCOMMON LAW
dc.subjectCOMPULSORY INSURANCE
dc.subjectCONFIDENTIALITY
dc.subjectCONFLICT OF INTEREST
dc.subjectCONSUMER PROTECTION
dc.subjectCONSUMERS
dc.subjectCORE BUSINESS
dc.subjectCORPORATE GOVERNANCE
dc.subjectCORPORATE GOVERNANCE FRAMEWORK
dc.subjectCOVERAGE
dc.subjectCREDIT GUARANTEE
dc.subjectCROSS-BORDER COOPERATION
dc.subjectDEBENTURE
dc.subjectDEBENTURES
dc.subjectDEPOSIT
dc.subjectDEPOSIT INSURANCE
dc.subjectDEPOSITS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDISCLOSURE OF INFORMATION
dc.subjectDISCLOSURE REQUIREMENTS
dc.subjectDISCLOSURE STANDARD
dc.subjectDISCLOSURE STANDARDS
dc.subjectDISSEMINATION OF INFORMATION
dc.subjectDOMESTIC REGULATORS
dc.subjectECONOMIC DEVELOPMENT
dc.subjectENFORCEABILITY
dc.subjectENFORCEMENT POWER
dc.subjectEXCHANGE COMMISSION
dc.subjectEXPENDITURE
dc.subjectEXPORTER
dc.subjectFINANCES
dc.subjectFINANCIAL ANALYSIS
dc.subjectFINANCIAL INFORMATION
dc.subjectFINANCIAL INSTITUTION
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL REPORTING
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL STATEMENTS
dc.subjectFINANCING ARRANGEMENTS
dc.subjectFOREIGN INVESTMENTS
dc.subjectFOREIGN INVESTORS
dc.subjectFOREIGN OWNERSHIP
dc.subjectFRAUD
dc.subjectFRAUD RISKS
dc.subjectFRAUDS
dc.subjectGOVERNMENT ASSETS
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT GRANTS
dc.subjectGOVERNMENT OWNERSHIP
dc.subjectGOVERNMENT PAPER
dc.subjectGOVERNMENT POLICY
dc.subjectGROUP LIFE INSURANCE
dc.subjectHEALTH CARE
dc.subjectHOLDING
dc.subjectHOLDING COMPANIES
dc.subjectHOLDINGS
dc.subjectHUMAN CAPITAL
dc.subjectHUMAN RESOURCES
dc.subjectINCOME
dc.subjectINDEMNITY
dc.subjectINDEMNITY INSURANCE
dc.subjectINFLATION
dc.subjectINSOLVENT INSURERS
dc.subjectINSPECTIONS
dc.subjectINSURANCE
dc.subjectINSURANCE ACTIVITIES
dc.subjectINSURANCE ACTIVITY
dc.subjectINSURANCE COMPANY
dc.subjectINSURANCE CONTRACTS
dc.subjectINSURANCE CORPORATION
dc.subjectINSURANCE INDUSTRY
dc.subjectINSURANCE MARKET
dc.subjectINSURANCE MARKETS
dc.subjectINSURANCE PENETRATION
dc.subjectINSURANCE PREMIUMS
dc.subjectINSURANCE PRODUCTS
dc.subjectINSURANCE SUPERVISION
dc.subjectINSURANCE SUPERVISORS
dc.subjectINSURER
dc.subjectINSURERS
dc.subjectINTANGIBLE
dc.subjectINTANGIBLE ASSETS
dc.subjectINTERNAL AUDIT
dc.subjectINTERNAL CONTROLS
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL BEST PRACTICE
dc.subjectINTERNATIONAL BEST PRACTICES
dc.subjectINVESTIGATIONS
dc.subjectINVESTMENT INCOME
dc.subjectINVESTMENT INSTRUMENTS
dc.subjectINVESTMENT INSURANCE
dc.subjectINVESTMENT PORTFOLIOS
dc.subjectISSUANCE
dc.subjectJURISDICTION
dc.subjectJURISDICTIONS
dc.subjectLEGAL AUTHORITY
dc.subjectLEGAL PROTECTION
dc.subjectLEGAL SYSTEM
dc.subjectLEVIES
dc.subjectLEVY
dc.subjectLIABILITY INSURANCE
dc.subjectLIFE EXPECTANCY
dc.subjectLIFE INSURANCE
dc.subjectLIFE INSURERS
dc.subjectLIMITED LIABILITIES
dc.subjectLIMITED LIABILITY
dc.subjectLIMITED LIABILITY COMPANIES
dc.subjectLIQUID ASSETS
dc.subjectLIQUIDITY
dc.subjectMARGIN REQUIREMENT
dc.subjectMARKET CAPITALIZATION
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET EFFICIENCY
dc.subjectMARKET INFORMATION
dc.subjectMARKET INFRASTRUCTURE
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKET RISKS
dc.subjectMARKET SHARE
dc.subjectMARKET SHARES
dc.subjectMARKET STRUCTURE
dc.subjectMARKET VALUE
dc.subjectMINIMUM CAPITAL REQUIREMENT
dc.subjectMINIMUM CAPITAL REQUIREMENTS
dc.subjectMONETARY FUND
dc.subjectMONEY LAUNDERING
dc.subjectMONEY MARKET
dc.subjectMORAL SUASION
dc.subjectMOTOR INSURANCE
dc.subjectNON-LIFE INSURANCE
dc.subjectOPERATIONAL INDEPENDENCE
dc.subjectOUTSOURCING
dc.subjectPENSION
dc.subjectPENSION SYSTEM
dc.subjectPENSIONS
dc.subjectPORTFOLIO
dc.subjectPRIVATE EQUITY
dc.subjectPRIVATIZATION
dc.subjectPROTECTION OF POLICYHOLDERS
dc.subjectPRUDENT MAN
dc.subjectPUBLIC COMPANY
dc.subjectRATES
dc.subjectRE-INSURANCE
dc.subjectREAL ESTATE
dc.subjectREAL ESTATE LOANS
dc.subjectREGULATOR
dc.subjectREGULATORS
dc.subjectREGULATORY ENVIRONMENT
dc.subjectREGULATORY GAP
dc.subjectREGULATORY REQUIREMENTS
dc.subjectREINSURANCE
dc.subjectREINSURANCE CAPACITY
dc.subjectREINSURANCE COMPANIES
dc.subjectREINSURERS
dc.subjectRESERVE
dc.subjectRESERVE FUND
dc.subjectRESERVE REQUIREMENT
dc.subjectRESERVE REQUIREMENTS
dc.subjectRESERVES
dc.subjectRETURN
dc.subjectRISK ASSESSMENT
dc.subjectRISK MANAGEMENT
dc.subjectRISK PROFILE
dc.subjectRISK TRANSFER
dc.subjectSAFETY NET
dc.subjectSAVINGS
dc.subjectSECURITIES
dc.subjectSHARE VALUE
dc.subjectSHAREHOLDERS
dc.subjectSOLVENCY
dc.subjectSOLVENCY REQUIREMENTS
dc.subjectSTOCK EXCHANGE
dc.subjectSTOCK PRICES
dc.subjectSUPERVISORY FRAMEWORK
dc.subjectSUPERVISORY POWERS
dc.subjectSUPERVISORY REGIME
dc.subjectSURETY
dc.subjectSYSTEMIC RISK
dc.subjectTAX
dc.subjectTAX TREATMENT
dc.subjectTECHNICAL ASSISTANCE
dc.subjectTERRORISM
dc.subjectTRACK RECORD
dc.subjectTRADING
dc.subjectTRANSACTION
dc.subjectTRANSPARENCY
dc.subjectTREASURY
dc.subjectTREASURY BILLS
dc.subjectTREASURY CERTIFICATES
dc.subjectTREATY
dc.subjectTYPES OF INSTRUMENTS
dc.subjectUSE OF DERIVATIVES
dc.subjectVALUATION
dc.subjectVALUATIONS
dc.subjectWORKERS COMPENSATION
dc.titleNigeria : Insurance Core Principlesen
dspace.entity.typePublication
okr.date.disclosure2013-09-02
okr.date.doiregistration2025-05-07T08:51:58.557541Z
okr.doctypeEconomic & Sector Work::Financial Sector Assessment Program (FSAP)
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2013/05/18181390/nigeria-financial-sector-assessment-program
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.globalpracticeTrade and Competitiveness
okr.guid952921468298480056
okr.identifier.externaldocumentum000442464_20130902144221
okr.identifier.internaldocumentum18181390
okr.identifier.report80734
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/09/02/000442464_20130902144221/Rendered/PDF/807340ESW0Nige00Box379814B00Public0.pdfen
okr.region.administrativeAfrica
okr.region.countryNigeria
okr.sectorFinance :: General finance sector
okr.themeRule of law :: Legal institutions for a market economy
okr.themeFinancial and private sector development :: Regulation and competition policy
okr.themeFinancial and private sector development :: Standards and financial reporting
okr.themeFinancial and private sector development :: Other financial and private sector development
okr.themeTrade and integration :: International financial architecture
okr.topicInsurance and Risk Mitigation
okr.topicLaw and Development::Insurance Law
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Non Bank Financial Institutions
okr.topicFinance and Financial Sector Development::Debt Markets
okr.unitFinancial Sector Assessment Prog (FFSFP)
okr.volume1 of 1
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