Nigeria Insurance Industry – Governance, Risk and Compliance

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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

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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

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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

Compulsory Insurances in Nigeria

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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.

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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.

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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

  • 1. NIGERIA

    • 1.1. Legislation Overview

      • 1.1.1. Supervision and Control
      • 1.1.2. Legislation

    • 1.2. Compulsory Insurance
    • 1.3. Non-Admitted Insurance Regulations
    • 1.4. Company Registration and Operation

      • 1.4.1. License
      • 1.4.2. Foreign Direct Investment / Ownership
      • 1.4.3. Minimum Capital Requirements
      • 1.4.4. Solvency Margins
      • 1.4.5. Reserve Requirements
      • 1.4.6. Statutory Return Requirements
      • 1.4.7. Fee Structure

    • 1.5. Taxation

      • 1.5.1. Tax on Insurance Premium
      • 1.5.2. Corporate Income Tax
      • 1.5.3. Corporate Capital Gains Tax
      • 1.5.4. Value Added Tax

    • 1.6. Legal System
    • 1.7. Policy Practice

  • 2. About GlobalData
  • 3. Contact Us

Table

Nigeria – Premium Rates for Motor Third Party Liability Insurance

Nigeria – Insurance Premium Rates for Healthcare Professional Indemnity Insurance

Nigeria – Corporate Tax Rates for the Financial Year 2023

Nigeria – Premium Rates for Motor Third Party Liability Insurance

Nigeria – Insurance Premiums Rates for Builders Liability Insurance

Figures

List of Tables

Nigeria – Corporate Tax Rates for the Financial Year 2021

Frequently asked questions

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