NIGERIA’S FINANCIAL SYSTEM STRATEGY 2020
DEVELOPING THE INSURANCE SECTOR IN NIGERIA: EXPERIENCE OF SINGAPORE
• Overview of Singapore’s Insurance Sector • Regulatory Objectives • Regulatory Initiatives • Developmental Objectives • Recent Initiatives • Conclusions Note: Observations are personal, not MAS
Overview of Singapore’s Insurance Sector (1)
• Focus of the direct sector is largely domestic • Reinsurance sector (esp general) has strong international component • International and regional business is growing • Most general insurers are foreign-owned • Two of the largest life-insurers are local • One is an important regional insurer • Most of the other life insurers are ...view middle of the document...
nagement and corporate governance Market Conduct • Selling practices • Disclosure
• Strong prudential and market conduct regulation and supervision • Benchmarked against best practices • Offsite and on-site supervision • Close collaboration with industry (regular dialogue, joint working groups, consultation papers)
Regulatory Initiatives (1)
Prudential • Risk-based solvency rules • Risk-based supervisory approach • Thematic inspections (Asset/Liability matching; AML/CFT) • Good governance • Risk-management • Claims management • Underwriting
Regulatory Initiatives (2)
Market Conduct: • Encourage industry associations to assume responsibility for standard-setting (Code of Practice) • Registration of representatives • Consumer education (MoneySense) • Financial Industry Dispute Resolution Centre • Thematic Inspections (product switching) • Mystery shoppers
• Emphasis on building high quality international insurance centre to complement strong domestic centre • Strategy is to encourage new players and products to serve...