International Monetary FundWorld Bank2013-10-012013-10-012013-05https://hdl.handle.net/10986/15962This 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-USCC BY 3.0 IGOACCOUNTINGACTUARIAL SCIENCEACTUARIESAGENTSAGRICULTURAL INSURANCEANNUITIESARBITRAGEASSET-LIABILITY MANAGEMENTASSURANCEAUDIT COMMITTEEAUDITORSAUDITSBANK DEPOSITSBANKING REGULATIONBANKING REGULATIONSBANKING SECTORBENEFICIARIESBROKERBROKERSCAPITAL ADEQUACYCAPITAL BASECAPITAL MARKETSCAPITAL REQUIREMENTCENTRAL BANKCERTIFICATE OF DEPOSITSCHECKSCODE OF CONDUCTCOMMERCIAL PAPERSCOMMISSIONSCOMMON LAWCOMPULSORY INSURANCECONFIDENTIALITYCONFLICT OF INTERESTCONSUMER PROTECTIONCONSUMERSCORE BUSINESSCORPORATE GOVERNANCECORPORATE GOVERNANCE FRAMEWORKCOVERAGECREDIT GUARANTEECROSS-BORDER COOPERATIONDEBENTUREDEBENTURESDEPOSITDEPOSIT INSURANCEDEPOSITSDEVELOPING COUNTRIESDISCLOSURE OF INFORMATIONDISCLOSURE REQUIREMENTSDISCLOSURE STANDARDDISCLOSURE STANDARDSDISSEMINATION OF INFORMATIONDOMESTIC REGULATORSECONOMIC DEVELOPMENTENFORCEABILITYENFORCEMENT POWEREXCHANGE COMMISSIONEXPENDITUREEXPORTERFINANCESFINANCIAL ANALYSISFINANCIAL INFORMATIONFINANCIAL INSTITUTIONFINANCIAL MARKETFINANCIAL REPORTINGFINANCIAL SECTORFINANCIAL SERVICESFINANCIAL STABILITYFINANCIAL STATEMENTSFINANCING ARRANGEMENTSFOREIGN INVESTMENTSFOREIGN INVESTORSFOREIGN OWNERSHIPFRAUDFRAUD RISKSFRAUDSGOVERNMENT ASSETSGOVERNMENT BONDSGOVERNMENT GRANTSGOVERNMENT OWNERSHIPGOVERNMENT PAPERGOVERNMENT POLICYGROUP LIFE INSURANCEHEALTH CAREHOLDINGHOLDING COMPANIESHOLDINGSHUMAN CAPITALHUMAN RESOURCESINCOMEINDEMNITYINDEMNITY INSURANCEINFLATIONINSOLVENT INSURERSINSPECTIONSINSURANCEINSURANCE ACTIVITIESINSURANCE ACTIVITYINSURANCE COMPANYINSURANCE CONTRACTSINSURANCE CORPORATIONINSURANCE INDUSTRYINSURANCE MARKETINSURANCE MARKETSINSURANCE PENETRATIONINSURANCE PREMIUMSINSURANCE PRODUCTSINSURANCE SUPERVISIONINSURANCE SUPERVISORSINSURERINSURERSINTANGIBLEINTANGIBLE ASSETSINTERNAL AUDITINTERNAL CONTROLSINTERNATIONAL BANKINTERNATIONAL BEST PRACTICEINTERNATIONAL BEST PRACTICESINVESTIGATIONSINVESTMENT INCOMEINVESTMENT INSTRUMENTSINVESTMENT INSURANCEINVESTMENT PORTFOLIOSISSUANCEJURISDICTIONJURISDICTIONSLEGAL AUTHORITYLEGAL PROTECTIONLEGAL SYSTEMLEVIESLEVYLIABILITY INSURANCELIFE EXPECTANCYLIFE INSURANCELIFE INSURERSLIMITED LIABILITIESLIMITED LIABILITYLIMITED LIABILITY COMPANIESLIQUID ASSETSLIQUIDITYMARGIN REQUIREMENTMARKET CAPITALIZATIONMARKET DEVELOPMENTMARKET EFFICIENCYMARKET INFORMATIONMARKET INFRASTRUCTUREMARKET PARTICIPANTSMARKET RISKSMARKET SHAREMARKET SHARESMARKET STRUCTUREMARKET VALUEMINIMUM CAPITAL REQUIREMENTMINIMUM CAPITAL REQUIREMENTSMONETARY FUNDMONEY LAUNDERINGMONEY MARKETMORAL SUASIONMOTOR INSURANCENON-LIFE INSURANCEOPERATIONAL INDEPENDENCEOUTSOURCINGPENSIONPENSION SYSTEMPENSIONSPORTFOLIOPRIVATE EQUITYPRIVATIZATIONPROTECTION OF POLICYHOLDERSPRUDENT MANPUBLIC COMPANYRATESRE-INSURANCEREAL ESTATEREAL ESTATE LOANSREGULATORREGULATORSREGULATORY ENVIRONMENTREGULATORY GAPREGULATORY REQUIREMENTSREINSURANCEREINSURANCE CAPACITYREINSURANCE COMPANIESREINSURERSRESERVERESERVE FUNDRESERVE REQUIREMENTRESERVE REQUIREMENTSRESERVESRETURNRISK ASSESSMENTRISK MANAGEMENTRISK PROFILERISK TRANSFERSAFETY NETSAVINGSSECURITIESSHARE VALUESHAREHOLDERSSOLVENCYSOLVENCY REQUIREMENTSSTOCK EXCHANGESTOCK PRICESSUPERVISORY FRAMEWORKSUPERVISORY POWERSSUPERVISORY REGIMESURETYSYSTEMIC RISKTAXTAX TREATMENTTECHNICAL ASSISTANCETERRORISMTRACK RECORDTRADINGTRANSACTIONTRANSPARENCYTREASURYTREASURY BILLSTREASURY CERTIFICATESTREATYTYPES OF INSTRUMENTSUSE OF DERIVATIVESVALUATIONVALUATIONSWORKERS COMPENSATIONWorld Bank10.1596/15962