Nigeria : Insurance Core Principles

International Monetary Fund; World Bank

Publication:
Nigeria : Insurance Core Principles

dc.contributor.author	International Monetary Fund
dc.contributor.author	World Bank
dc.date.accessioned	2013-10-01T16:39:06Z
dc.date.available	2013-10-01T16:39:06Z
dc.date.issued	2013-05
dc.description.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.	en
dc.identifier	http://documents.worldbank.org/curated/en/2013/05/18181390/nigeria-financial-sector-assessment-program
dc.identifier.uri	http://hdl.handle.net/10986/15962
dc.language	English
dc.language.iso	en_US
dc.publisher	World Bank, Washington, DC
dc.rights	CC BY 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by/3.0/igo/
dc.subject	ACCOUNTING
dc.subject	ACTUARIAL SCIENCE
dc.subject	ACTUARIES
dc.subject	AGENTS
dc.subject	AGRICULTURAL INSURANCE
dc.subject	ANNUITIES
dc.subject	ARBITRAGE
dc.subject	ASSET-LIABILITY MANAGEMENT
dc.subject	ASSURANCE
dc.subject	AUDIT COMMITTEE
dc.subject	AUDITORS
dc.subject	AUDITS
dc.subject	BANK DEPOSITS
dc.subject	BANKING REGULATION
dc.subject	BANKING REGULATIONS
dc.subject	BANKING SECTOR
dc.subject	BENEFICIARIES
dc.subject	BROKER
dc.subject	BROKERS
dc.subject	CAPITAL ADEQUACY
dc.subject	CAPITAL BASE
dc.subject	CAPITAL MARKETS
dc.subject	CAPITAL REQUIREMENT
dc.subject	CENTRAL BANK
dc.subject	CERTIFICATE OF DEPOSITS
dc.subject	CHECKS
dc.subject	CODE OF CONDUCT
dc.subject	COMMERCIAL PAPERS
dc.subject	COMMISSIONS
dc.subject	COMMON LAW
dc.subject	COMPULSORY INSURANCE
dc.subject	CONFIDENTIALITY
dc.subject	CONFLICT OF INTEREST
dc.subject	CONSUMER PROTECTION
dc.subject	CONSUMERS
dc.subject	CORE BUSINESS
dc.subject	CORPORATE GOVERNANCE
dc.subject	CORPORATE GOVERNANCE FRAMEWORK
dc.subject	COVERAGE
dc.subject	CREDIT GUARANTEE
dc.subject	CROSS-BORDER COOPERATION
dc.subject	DEBENTURE
dc.subject	DEBENTURES
dc.subject	DEPOSIT
dc.subject	DEPOSIT INSURANCE
dc.subject	DEPOSITS
dc.subject	DEVELOPING COUNTRIES
dc.subject	DISCLOSURE OF INFORMATION
dc.subject	DISCLOSURE REQUIREMENTS
dc.subject	DISCLOSURE STANDARD
dc.subject	DISCLOSURE STANDARDS
dc.subject	DISSEMINATION OF INFORMATION
dc.subject	DOMESTIC REGULATORS
dc.subject	ECONOMIC DEVELOPMENT
dc.subject	ENFORCEABILITY
dc.subject	ENFORCEMENT POWER
dc.subject	EXCHANGE COMMISSION
dc.subject	EXPENDITURE
dc.subject	EXPORTER
dc.subject	FINANCES
dc.subject	FINANCIAL ANALYSIS
dc.subject	FINANCIAL INFORMATION
dc.subject	FINANCIAL INSTITUTION
dc.subject	FINANCIAL MARKET
dc.subject	FINANCIAL REPORTING
dc.subject	FINANCIAL SECTOR
dc.subject	FINANCIAL SERVICES
dc.subject	FINANCIAL STABILITY
dc.subject	FINANCIAL STATEMENTS
dc.subject	FINANCING ARRANGEMENTS
dc.subject	FOREIGN INVESTMENTS
dc.subject	FOREIGN INVESTORS
dc.subject	FOREIGN OWNERSHIP
dc.subject	FRAUD
dc.subject	FRAUD RISKS
dc.subject	FRAUDS
dc.subject	GOVERNMENT ASSETS
dc.subject	GOVERNMENT BONDS
dc.subject	GOVERNMENT GRANTS
dc.subject	GOVERNMENT OWNERSHIP
dc.subject	GOVERNMENT PAPER
dc.subject	GOVERNMENT POLICY
dc.subject	GROUP LIFE INSURANCE
dc.subject	HEALTH CARE
dc.subject	HOLDING
dc.subject	HOLDING COMPANIES
dc.subject	HOLDINGS
dc.subject	HUMAN CAPITAL
dc.subject	HUMAN RESOURCES
dc.subject	INCOME
dc.subject	INDEMNITY
dc.subject	INDEMNITY INSURANCE
dc.subject	INFLATION
dc.subject	INSOLVENT INSURERS
dc.subject	INSPECTIONS
dc.subject	INSURANCE
dc.subject	INSURANCE ACTIVITIES
dc.subject	INSURANCE ACTIVITY
dc.subject	INSURANCE COMPANY
dc.subject	INSURANCE CONTRACTS
dc.subject	INSURANCE CORPORATION
dc.subject	INSURANCE INDUSTRY
dc.subject	INSURANCE MARKET
dc.subject	INSURANCE MARKETS
dc.subject	INSURANCE PENETRATION
dc.subject	INSURANCE PREMIUMS
dc.subject	INSURANCE PRODUCTS
dc.subject	INSURANCE SUPERVISION
dc.subject	INSURANCE SUPERVISORS
dc.subject	INSURER
dc.subject	INSURERS
dc.subject	INTANGIBLE
dc.subject	INTANGIBLE ASSETS
dc.subject	INTERNAL AUDIT
dc.subject	INTERNAL CONTROLS
dc.subject	INTERNATIONAL BANK
dc.subject	INTERNATIONAL BEST PRACTICE
dc.subject	INTERNATIONAL BEST PRACTICES
dc.subject	INVESTIGATIONS
dc.subject	INVESTMENT INCOME
dc.subject	INVESTMENT INSTRUMENTS
dc.subject	INVESTMENT INSURANCE
dc.subject	INVESTMENT PORTFOLIOS
dc.subject	ISSUANCE
dc.subject	JURISDICTION
dc.subject	JURISDICTIONS
dc.subject	LEGAL AUTHORITY
dc.subject	LEGAL PROTECTION
dc.subject	LEGAL SYSTEM
dc.subject	LEVIES
dc.subject	LEVY
dc.subject	LIABILITY INSURANCE
dc.subject	LIFE EXPECTANCY
dc.subject	LIFE INSURANCE
dc.subject	LIFE INSURERS
dc.subject	LIMITED LIABILITIES
dc.subject	LIMITED LIABILITY
dc.subject	LIMITED LIABILITY COMPANIES
dc.subject	LIQUID ASSETS
dc.subject	LIQUIDITY
dc.subject	MARGIN REQUIREMENT
dc.subject	MARKET CAPITALIZATION
dc.subject	MARKET DEVELOPMENT
dc.subject	MARKET EFFICIENCY
dc.subject	MARKET INFORMATION
dc.subject	MARKET INFRASTRUCTURE
dc.subject	MARKET PARTICIPANTS
dc.subject	MARKET RISKS
dc.subject	MARKET SHARE
dc.subject	MARKET SHARES
dc.subject	MARKET STRUCTURE
dc.subject	MARKET VALUE
dc.subject	MINIMUM CAPITAL REQUIREMENT
dc.subject	MINIMUM CAPITAL REQUIREMENTS
dc.subject	MONETARY FUND
dc.subject	MONEY LAUNDERING
dc.subject	MONEY MARKET
dc.subject	MORAL SUASION
dc.subject	MOTOR INSURANCE
dc.subject	NON-LIFE INSURANCE
dc.subject	OPERATIONAL INDEPENDENCE
dc.subject	OUTSOURCING
dc.subject	PENSION
dc.subject	PENSION SYSTEM
dc.subject	PENSIONS
dc.subject	PORTFOLIO
dc.subject	PRIVATE EQUITY
dc.subject	PRIVATIZATION
dc.subject	PROTECTION OF POLICYHOLDERS
dc.subject	PRUDENT MAN
dc.subject	PUBLIC COMPANY
dc.subject	RATES
dc.subject	RE-INSURANCE
dc.subject	REAL ESTATE
dc.subject	REAL ESTATE LOANS
dc.subject	REGULATOR
dc.subject	REGULATORS
dc.subject	REGULATORY ENVIRONMENT
dc.subject	REGULATORY GAP
dc.subject	REGULATORY REQUIREMENTS
dc.subject	REINSURANCE
dc.subject	REINSURANCE CAPACITY
dc.subject	REINSURANCE COMPANIES
dc.subject	REINSURERS
dc.subject	RESERVE
dc.subject	RESERVE FUND
dc.subject	RESERVE REQUIREMENT
dc.subject	RESERVE REQUIREMENTS
dc.subject	RESERVES
dc.subject	RETURN
dc.subject	RISK ASSESSMENT
dc.subject	RISK MANAGEMENT
dc.subject	RISK PROFILE
dc.subject	RISK TRANSFER
dc.subject	SAFETY NET
dc.subject	SAVINGS
dc.subject	SECURITIES
dc.subject	SHARE VALUE
dc.subject	SHAREHOLDERS
dc.subject	SOLVENCY
dc.subject	SOLVENCY REQUIREMENTS
dc.subject	STOCK EXCHANGE
dc.subject	STOCK PRICES
dc.subject	SUPERVISORY FRAMEWORK
dc.subject	SUPERVISORY POWERS
dc.subject	SUPERVISORY REGIME
dc.subject	SURETY
dc.subject	SYSTEMIC RISK
dc.subject	TAX
dc.subject	TAX TREATMENT
dc.subject	TECHNICAL ASSISTANCE
dc.subject	TERRORISM
dc.subject	TRACK RECORD
dc.subject	TRADING
dc.subject	TRANSACTION
dc.subject	TRANSPARENCY
dc.subject	TREASURY
dc.subject	TREASURY BILLS
dc.subject	TREASURY CERTIFICATES
dc.subject	TREATY
dc.subject	TYPES OF INSTRUMENTS
dc.subject	USE OF DERIVATIVES
dc.subject	VALUATION
dc.subject	VALUATIONS
dc.subject	WORKERS COMPENSATION
dc.title	Nigeria : Insurance Core Principles	en
dspace.entity.type	Publication
okr.date.disclosure	2013-09-02
okr.doctype	Economic & Sector Work :: Financial Sector Assessment Program (FSAP)
okr.doctype	Economic & Sector Work
okr.docurl	http://documents.worldbank.org/curated/en/2013/05/18181390/nigeria-financial-sector-assessment-program
okr.globalpractice	Finance and Markets
okr.globalpractice	Governance
okr.globalpractice	Trade and Competitiveness
okr.identifier.externaldocumentum	000442464_20130902144221
okr.identifier.internaldocumentum	18181390
okr.identifier.report	80734
okr.language.supported	en
okr.pdfurl	http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/09/02/000442464_20130902144221/Rendered/PDF/807340ESW0Nige00Box379814B00Public0.pdf	en
okr.region.administrative	Africa
okr.region.country	Nigeria
okr.sector	Finance :: General finance sector
okr.theme	Rule of law :: Legal institutions for a market economy
okr.theme	Financial and private sector development :: Regulation and competition policy
okr.theme	Financial and private sector development :: Standards and financial reporting
okr.theme	Financial and private sector development :: Other financial and private sector development
okr.theme	Trade and integration :: International financial architecture
okr.topic	Insurance and Risk Mitigation
okr.topic	Law and Development :: Insurance Law
okr.topic	Private Sector Development :: Emerging Markets
okr.topic	Finance and Financial Sector Development :: Non Bank Financial Institutions
okr.topic	Finance and Financial Sector Development :: Debt Markets
okr.unit	Financial Sector Assessment Prog (FFSFP)
okr.volume	1 of 1