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ABSTRACT
This research examines the problems and prospects regulation of insurance business in Nigeria. Insurance is very important as an aid to trade and general economic stability for many reasons. The research focuses on appraisal of the clearly established regulatory framework as may be found in the insurance statutes and regulations. It also highlighted areas of significant deficiencies and their consequence on the achievement of the underpinning objectives for regulating the insurance industry. The study shows that NIACOM, as provided by the Insurance Act serves as the benchmark for the supervision and monitoring of intermediaries (brokers, agents and loss adjusters) who must renew on annual basis after supplying their annual returns and accounts for verification. NAICOM has also been active in releasing annual insurance policy guidelines for the underwriters and intermediaries. The study shows that there are challenges facing the insurance industry, which include undeveloped insurance system, poor regulatory framework, lack of skilled professionals, poor knowledge of insurance services by the assured, inadequate access to information technology, lack of trust for insurance companies, inadequate access to information technology, anti-trust issues in insurance and poor risk management. It observes that the regulatory framework as it currently exists is inadequate to encapsulate all these issues afore-mentioned and that insurance consumers hardly play a role in ensuring a sound regulatory regime. The study therefore recommends that there is a need for an adequate mechanism to ensure full implementation of insurance policies or by creating subject specific bodies to adequately regulate the various aspects of the industry.
