Okediji, Olubunmi (1992) The regulation of the Nigerian life insurance industry, 1960-1988. PhD thesis, University of Warwick.

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Abstract

This thesis examines the regulation of the Nigerian life insurance industry during the
1960-1988 period. The role and nature of regulatory policy, the extent of industry
compliance with regulatory rules, and the degree to which policy formulation is
subject to industry influence are examined. The changes in life industry structure,
behaviour and performance are also examined in relation to the regulatory
developments over the period. In this context, the effects of protectionist and other
regulatory policies implemented in the industry are examined within the political
economical framework of Nigeria. Three types of analytical methods are employed in
the study; the historical method, the descriptive survey method and the empirical
method.

Chapter one contains an introduction to the thesis and in chapters two and three, the
literature on the theory of regulation, the characteristics of developing country
insurance markets and the arguments in favour of and against the implementation of
protectionist policy in these markets are reviewed. Chapter four places the study in
context by briefly examining the political economy of Nigeria. This discussion forms
the basis for the analysis of regulation and regulatory developments in chapter five.
Chapter six contains the descriptive and empirical analyses of the impact of policy on
market structure, behaviour and perrormance. In the last chapter conclusions are made
and policy recommendations presented.

Although the stated objectives of regulation are a concern with the consumer and
national economic interest, the results of the analyses lead to the conclusions that,
among other things, (1) the development, implementation and supervision of policy
has been impeded by an underresourced and understaffed regulatory agency (2) the
implementation of protectionist policies in the Nigerian life market has not been
successful in terms of the stated policy objectives (3) the consumer interest is in fact
not being adequately protected and (4) the lack of cooperation between life offices
has contributed to the industry's inability to influence regulatory policy in it's favour.
It is recommended, among other things, that (1) the Government should withdraw
from intensive participation in the life market and should channel it's resources
towards maintaining an effective regulatory mechanism and (2) the implementation of
protectionist policies in the market should be made with respect to the prevailing
socio-economic and political conditions for maximum effectiveness.

Item Type:	Thesis or Dissertation (PhD)
Subjects:	H Social Sciences > HC Economic History and Conditions H Social Sciences > HD Industries. Land use. Labor
Library of Congress Subject Headings (LCSH):	Nigeria -- Economic conditions -- 1960-, Life insurance -- Nigeria, Nigeria -- Economic conditions -- 1970-, Nigeria -- Politics and government -- 1960-
Official Date:	December 1992
Dates:	Date Event December 1992 Submitted
Institution:	University of Warwick
Theses Department:	Warwick Business School
Thesis Type:	PhD
Publication Status:	Unpublished
Supervisor(s)/Advisor:	Hirst, Mel ; Dibb, Sally, 1963-
Sponsors:	Commonwealth Scholarship Commission in the United Kingdom (CSCUK)
Extent:	xiv, 249 leaves : illustrations
Language:	eng

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