Governance, Risk and Compliance - The Nigerian Insurance Industry
September 2019
67
About the Report
About the Report
Products
Products
Insurance, Governance, risk and compliance, Regulatory framework, Life insurance, Property insurance, Motor insurance, Liability insurance, Marine, aviation and transit insurance, Personal accident and health insurance, Compulsory insurance, Licensing requirements, Minimum capital requirements, Solvency requirements, Non-admitted insurance, Reserve requirements, Investment regulations, Licensing fee, Authorization fee, Risk-based capital framework, Accounting standards, Returns requirement, Consumer protection, Law, Regulation, Act, Tax, Insurance premium tax, Corporate tax, VAT, Legal system, Court system
Table of Contents
Table of Contents
Table of contents
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Workmen's compensation insurance
2.4.2 Motor third-party liability insurance
2.4.3 National health insurance scheme
2.4.4 Builder's liability insurance
2.4.5 Occupiers liability insurance
2.4.6 Healthcare professional indemnity insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 African Insurance Organization (AIO)
2.5.3 National Insurance Commission
2.5.4 Nigerian Insurance Association
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData's Services
3.5 Disclaimer
List of Figure
List of Figures
Figure 1: Nigeria-Insurance Supervision and Control at Various Levels
Figure 2: Nigeria-Insurance Regulatory Frameworks for Company Registration and Operation
List of Table
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Nigeria-Insurance Regulatory Framework Key Features
Table 3: Nigeria-Life Insurance Intermediary Remuneration
Table 4: Nigeria-Life Insurance Regulatory Framework
Table 5:Nigeria-Property Insurance Regulatory Framework
Table 6:Nigeria-Motor Insurance Regulatory Framework
Table 7:Nigeria-Liability Insurance Regulatory Framework
Table 8: Nigeria-Premium Rates for Motor Third Party Liability Insurance
Table 9: Nigeria-Insurance Premiums Rates for Builders Liability Insurance
Table 10: Nigeria-Insurance Premiums Rates for Healthcare Professional Indemnity Insurance
Table 11: Nigeria-Minimum Capital Requirements
Table 12:Nigeria-Corporate Tax Rates for the Financial Year 2019
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