Governance, Risk and Compliance – The Nigerian Insurance Industry

Date: 2016-01

“• The Nigerian insurance industry is regulated by Naicom.

• Workers’ compensation insurance, motor third-party liability, healthcare professional liability insurance, and builder’s liability insurance are compulsory.

• The government of Nigeria allows 100% foreign direct investments in the insurance industry.

• Composite insurance is permitted in Nigeria.

• Non-admitted insurance is not permitted. However, exceptional risks can be insured with unauthorized insurer, provided prior approval is obtained from Naicom.”

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