Nigeria Insurance Industry – Governance, Risk and Compliance
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Nigeria Insurance Industry Regulation Overview
The National Insurance Commission (NAICOM) regulates the Nigeria insurance industry along with other regulators and supervisors, including the International Association of Insurance Supervisors (IAIS), the African Insurance Organization (AIO), and the Nigerian Insurance Association (NIA).
The Nigeria insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types, including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · National Insurance Commission (NAICOM)
· International Association of Insurance Supervisors (IAIS) · African Insurance Organization (AIO) · Nigerian Insurance Association (NIA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
Enquire & Decide | Discover the perfect solution for your business needs. Enquire now and let us help you make an inforamed decision before making a purchase. |
Nigeria Insurance Industry – Key Regulators and Legislation
National Insurance Commission (NAICOM): The NAICOM, a statutory agency of the Federal Government of Nigeria, regulates the Nigerian insurance industry. The NAICOM is instrumental in ensuring the effective administration, supervision, regulation, and control of the insurance industry. The agency is also responsible for maintaining control of operations performed by insurance companies, reinsurance companies, brokers, loss adjusters, and intermediaries.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The law regulating the Nigeria insurance industry is:
- Insurance Act 2003
Buy the Full Report for More Insights on Key Regulators in the Nigeria Insurance Industry
Nigeria Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the Nigeria insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Compulsory Insurances in Nigeria
Buy the Full Report for More Compulsory Insurance Insights into the Nigeria Insurance Industry
Nigeria Insurance Industry - Company Registration and Operation
A license is required to operate in the Nigerian insurance industry. Since the establishment of insurance companies in the country is supervised and regulated by the NAICOM, an application for registration as an insurer should be made to them in a prescribed form, accompanied by a business plan and such other documents as the NIACOM may direct from time to time. If the NAICOM is satisfied that the applicant is meeting the stipulated conditions, it will register the applicant as an insurer and will issue a certificate of registration.
Buy the Full Report to Learn More about Company Registration and Operation in the Nigeria Insurance Industry
Nigeria Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Nigeria. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Resident companies are subject to corporate income tax on global income, while companies registered in a foreign jurisdiction with a fixed base or permanent establishment in Nigeria are taxed on their Nigerian income.
Buy the Full Report to Learn More about the Taxation Policies in the Nigeria Insurance Industry
Scope
This report provides:
- Details of the insurance regulatory framework in Nigeria.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations for the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- Get FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Get insights into the insurance regulatory framework in Nigeria.
- Track the latest regulatory changes and expected changes impacting the Nigerian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance products.
Reasons to Buy
- Get FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Get insights into the insurance regulatory framework in Nigeria.
- Track the latest regulatory changes and expected changes impacting the Nigerian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance products.
Table of Contents
Table
Figures
Frequently asked questions
-
Which is the key regulator of the Nigeria insurance industry?
The National Insurance Commission (NAICOM) is the key regulator of the Nigeria insurance industry.
-
Which other bodies oversee the Nigeria insurance industry?
The International Association of Insurance Supervisors (IAIS), the African Insurance Organization (AIO), and the Nigerian Insurance Association (NIA) are the regulatory and supervisory bodies that oversee the operations of the Nigerian insurance industry.
-
Which are the compulsory insurances required within the Nigerian insurance industry?
A few of the compulsory insurances required within the Nigeria insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
-
What types of taxes are imposed upon the Nigeria insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Nigeria. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.