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Business and Economics > Insurance

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Cover IMF Staff Country Reports
Nigeria: Publication of Financial Sector Assessment Program Documentation––Detailed Assessment of Observance of Insurance Core Principles
International Monetary Fund. African Dept.
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.
Keywords:
ISCR; CR; risk management; line of business; contingency reserve; NAICOM approval; margin requirement; corporate governance; business plan; independent director; market share; holding company; beneficial owner; NAICOM staff; Insurance companies; Insurance; Capital adequacy requirements; Anti-money laundering and combating the financing of terrorism (AML/CFT); Solvency; Africa; West Africa