Home / Insurance / Government supervision and control of insurance industry in nigeria problems and prospects

Government supervision and control of insurance industry in nigeria problems and prospects

 

Table Of Contents

<p> </p><p>Title Page &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;i</p><p>Approval page &nbsp; &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;ii</p><p>Dedication – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;iii</p><p>Acknowledgement &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;iv</p><p>Abstract &nbsp; &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;v</p><p>Table of Contents – &nbsp; &nbsp; &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;vi</p><p><strong>

Chapter ONE

: INTRODUCTION</strong></p><p>1.1 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Background of the study &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;1</p><p>1.2 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Statement of the problem &nbsp; &nbsp; &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;5</p><p>1.3 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Objectives of the study &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;6</p><p>1.4 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Research Questions &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;7</p><p>1.5 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Research Hypotheses &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;8</p><p>1.6 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Significance of the Study &nbsp; &nbsp; &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;9</p><p>1.7 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Scope and Limitations of the Study &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;10</p><p>1.8 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Definition of terms – &nbsp; &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;11</p><p>References &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;13</p><p><strong>

Chapter TWO

: &nbsp; &nbsp; &nbsp; REVIEW OF RELATED</strong></p><p><strong>LITERATURE</strong></p><p>2.1 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Overview of insurance – &nbsp; &nbsp; &nbsp; &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; 14</p><p>2.2 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Origin of Nigerian insurance industry – &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;20</p><p>2.3 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;The insurance sector and Nigerian economy – &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;23</p><p>2.4 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Rationale for supervising and controlling insurance business</p><p>– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; 26</p><p>2.5 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;History of national insurance commission (NAICOM) – &nbsp; &nbsp; &nbsp;29</p><p>2.6 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Supervision and control of the Nigerian insurance sector – &nbsp;32</p><p>2.7 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Corporate governance of the insurance sector &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;40</p><p>2.8 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Elements of effective governance model in the insurance sector – &nbsp; &nbsp; &nbsp; &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;45</p><p>2.9 &nbsp; &nbsp; Problems of insurance supervision and control in Nigeria -49</p><p>2.10 &nbsp; Prospects of insurance supervision and control in Nigeria -53</p><p>References – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; 57</p><p><strong>

Chapter THREE

: &nbsp; RESEARCH DESIGN AND METHODOLOGY</strong></p><p>3.1 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Research design – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;58</p><p>3.2 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Source of data &nbsp; &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;58</p><p>3.3 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Population of the study &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;59</p><p>3.4 &nbsp; &nbsp; Determination of Sample size &nbsp; &nbsp; &nbsp; &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;60</p><p>3.5 &nbsp; &nbsp; Instrument of data collection- &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;62</p><p>3.6 &nbsp; &nbsp; Sampling Techniques &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;62</p><p>3.7 &nbsp; &nbsp; Validity and reliability of the measuring instrument &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;63</p><p>3.8 &nbsp; &nbsp; Method of data treatment and analysis &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;64</p><p>References- &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;65</p><p><strong>

Chapter FOUR

: &nbsp; &nbsp; &nbsp;DATA PRESENTATION AND ANALYSIS</strong></p><p>4.1 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Data Presentation &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;66</p><p>4.2 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Test of hypotheses &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;83</p><p><strong>

Chapter FIVE

:</strong></p><p><strong>SUMMARY OF FINDINGS, RECOMMENDATIONS AND</strong></p><p><strong>CONCLUSIONS</strong></p><p>5.1 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Summary of findings &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;93</p><p>5.2 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Conclusions – &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;95</p><p>5.3 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Recommendations &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;96</p><p>Bibliography &nbsp; &nbsp; &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;98</p><p>Appendix &nbsp; – &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;100</p> <br><p></p>

Project Abstract

<p> The aim of this research work is to appraise the problems and prospects of government supervision and control of insurance industry in Nigeria”. The specific objectives of this research study include the following To examine the adequacy of government supervision and control of the insurance industry. To investigate the extent to which corporate governance of the Nigerian insurance sector impacts on its supervision and control.For a successful completion of this research work, the researcher made use of both primary and secondary methods of data collection for information gathering. Primary data were collected through Questionnaire administration, Oral interview, and Personal observation. Secondary data were collected through; Periodicals and journals, Textbooks and lecture note books, and Internet. The data collected were presented in tables and analyzed with simple percentage while the hypotheses stated were tested with chi square. The summary of findings made by the researcher includes the followingThe shortage of trained/qualified personnel is a factor behind non compliance with law governing the conduct of insurance business by some operators in the sector.Based on the findings, A strong and competitive insurance industry is a compelling imperative for Nigeria’s economic development and growth due to the fact that the country has a considerable high level of rural population, a good proportion of which are either illiterate or with very low-levels of basic education. In recommendation, the regulators of the Nigerian insurance sector should adopt effective and efficient policies that can properly checkmate insurance activities in the country and ensure that such policies go in accordance with insurance principles in the country. <br></p>

Project Overview

<p> </p><p><strong>INTRODUCTION</strong></p><p><strong>1.1 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</strong><strong>BACKGROUND OF THE STUDY</strong></p><p>Insurance is a safe-guard against risks. Any device aimed at reducing the chances of a risk occurring, when it happens, reducing the extent of its damage and providing the affected persons with compensation is a form of insurance. Insurance as a contract is between two parties where one party called the insurer undertakes to pay the other party called the insured a fixed amount of money in the occurrence of a specified insured event.</p><p>Obasi (2010) defines it as “a contract between the person who buys insurance and an insurance company who sold the policy”. He opined that “by entering into the contract, the insurance company agrees to pay the policy holder or his family members a predetermined sum of money in case of any unfortunate event for a predetermined fixed sum payable which is in normal term called insurance premiums”. The types of insurance products available in Nigeria include, motor insurance; general accident insurance; fire insurance; marine, aviation and transit insurance; life insurance; oil and gas insurance; health insurance; among others.</p><p>Insurance industry is generally seen as the backbone of any country’s economy, since it ensures financial security, serves as an important component in the financial intermediation chain, and offers a ready source of long term capital for infrastructural projects.</p><p>Babalola (2008) argues that the insurance industry “mitigates the impacts of risks and positively correlates to growth as entrepreneurs cover their exposures, otherwise risk-taking abilities are hampered”.</p><p>Insurance also promotes the growth of businesses both small and large as it provides stability by allowing them operate effectively as they are secured in knowing they have financial security should their business encounter loss. Insurance is also very important to the financial system. In collecting relatively small amount called premium from the insured in the economy, insurers are able to pull together a large pool of funds that could be invested for short and long term periods (Obasi, 2010). Such long-term funding of the economy is very critical for economic growth, and in deepening and broadening of the domestic financial system.</p><p>Thus, a strong and competitive insurance industry is a compelling imperative for Nigeria’s economic development and growth due to the fact that the country has a considerable high level of rural population, a good proportion of which are either illiterate or with very low-levels of basic education. Years of misgovernance has straddled it with poor infrastructure and poverty (Osaghae, 2005). There are risks of potential abuse, low level awareness, poor market penetration, low operating capital as well as low capacity for retention and acceptance of foreign risks (Daniels, 2008). In this context, supervision and control of the country’s insurance sector is perhaps regarded as a <em>sine qua non</em>for the conduct of insurance business, and certainly so, in an age of regulation even if governments cannot (and should not) regulate everything (Scott, 2008), the context of a developing country with poor infrastructure informs the need for a strong regulatory regime for insurance business considering its high-abuse potential mentioned earlier. The challenge of course is how to ensure the institution of an appropriate and adequate system of supervision and control.</p><p>The enactment of the Insurance Companies Act of 1961 Marked the first direct measure taken by Government to establish and organise the insurance industry. By the provisions of the Act, the office of the Registrar of Insurance was created to supervise insurance practice in Nigeria. Other provisions of the Act included minimum capital requirement and other conditions for registration, monitoring and control of insurance operations generally. This was followed by a series of legislations decades after which sought to further the course of insurance regulation in the country, and this research study is meant to critically analyze the problems and prospects of such supervision and control.</p><p>The National Insurance Commission (NAICOM) is the regulatory body of insurance industry. NAICOM’s Director (Inspectorate), Barineka Thompson stated that the commission has &nbsp;concludedarrangements to move finally from rules-based supervision to risk-based supervision by the end of 2013 in order to strengthen its supervision and enforcement efforts. He stated that the effort by the commission is to effectively and efficiently regulate the activities of the insurance sector</p><p><strong>1.2 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</strong><strong>STATEMENT OF THE PROBLEM</strong></p><p>The problems to be addressed by this research work include the following:</p><p>1. &nbsp; &nbsp; Inadequate government supervision and control of the insurance industry in Nigeria.</p><p>2. &nbsp; &nbsp; &nbsp;The presence of an ineffective corporate governance system in the insurance sector.</p><p>3. &nbsp; &nbsp; Shortage of trained/qualified personnel.</p><p><strong>1.3 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</strong><strong>OBJECTIVES OF THE STUDY</strong></p><p>The broad objective of this research work is to appraise the problems and prospects of government supervision and control of insurance industry in Nigeria. The specific objectives include the following:</p><p>1. &nbsp; &nbsp; To examine the adequacy of government supervision and control of the insurance industry.</p><p>2. &nbsp; &nbsp; To investigate the extent to which corporate governance of the Nigerian insurance sector impacts on its supervision and control.</p><p>3. &nbsp; &nbsp; To investigate whether there is shortage of trained/qualified personnel.</p><p><strong>1.4 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</strong><strong>RESEARCH QUESTIONS</strong></p><p>The following research questions are formulated for the purpose of this research study:</p><p>1. &nbsp; &nbsp; Is there adequate supervision and control of the insurance industry in Nigeria?</p><p>2. &nbsp; &nbsp; Does corporate governance of the Nigerian insurance sector impacts on its supervision and control?</p><p>3. &nbsp; &nbsp; Does shortage of trained/qualified personnel factor lead to non compliance with law governing the conduct of insurance business by some operators in the sector?</p><p><strong>1.5 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</strong><strong>RESEARCH HYPOTHESES</strong></p><p>The following hypotheses are formulated for the purpose of this research work:</p><p>HO: &nbsp; &nbsp;There is inadequate government supervision and control of the insurance industry in Nigeria.</p><p>H</p> <br><p></p>

Blazingprojects Mobile App

📚 Over 50,000 Project Materials
📱 100% Offline: No internet needed
📝 Over 98 Departments
🔍 Project Journal Publishing
🎓 Undergraduate/Postgraduate
📥 Instant Whatsapp/Email Delivery

Blazingprojects App
Download Now

Related Research

Insurance. 4 min read

Analysis of Machine Learning Techniques for Fraud Detection in Insurance Claims...

The project "Analysis of Machine Learning Techniques for Fraud Detection in Insurance Claims" focuses on leveraging advanced machine learning algorith...

BP
Blazingprojects
Read more →
Insurance. 2 min read

Development of a Predictive Model for Insurance Fraud Detection...

The research project titled "Development of a Predictive Model for Insurance Fraud Detection" aims to address the critical issue of fraud within the i...

BP
Blazingprojects
Read more →
Insurance. 2 min read

Implementation of Machine Learning Algorithms for Risk Assessment in Insurance...

The project topic, "Implementation of Machine Learning Algorithms for Risk Assessment in Insurance," focuses on leveraging advanced machine learning t...

BP
Blazingprojects
Read more →
Insurance. 4 min read

Application of Machine Learning Algorithms in Insurance Claim Prediction and Fraud D...

The project topic "Application of Machine Learning Algorithms in Insurance Claim Prediction and Fraud Detection" focuses on utilizing advanced machine...

BP
Blazingprojects
Read more →
Insurance. 3 min read

Predictive Modeling for Insurance Claim Severity and Frequency...

Predictive modeling for insurance claim severity and frequency is a critical area of research within the insurance industry that aims to leverage advanced data ...

BP
Blazingprojects
Read more →
Insurance. 4 min read

Implementation of Artificial Intelligence in Claim Processing for Insurance Companie...

The project topic, "Implementation of Artificial Intelligence in Claim Processing for Insurance Companies," focuses on the integration of cutting-edge...

BP
Blazingprojects
Read more →
Insurance. 2 min read

Application of Machine Learning in Predicting Insurance Claims Fraud...

The project topic "Application of Machine Learning in Predicting Insurance Claims Fraud" focuses on leveraging advanced machine learning algorithms to...

BP
Blazingprojects
Read more →
Insurance. 4 min read

Predictive Modeling for Insurance Claim Fraud Detection...

The research project on "Predictive Modeling for Insurance Claim Fraud Detection" aims to address the critical issue of fraudulent activities in the i...

BP
Blazingprojects
Read more →
Insurance. 2 min read

Predictive Modeling for Insurance Claim Fraud Detection Using Machine Learning...

The project topic, "Predictive Modeling for Insurance Claim Fraud Detection Using Machine Learning," focuses on the application of advanced machine le...

BP
Blazingprojects
Read more →
WhatsApp Click here to chat with us