Bancassurance in Nigeria, provisions to ensure its functioning

The National Insurance Commission (NAICOM) has limited bancassurance contract period to two years. The other change pertains to the commission paid by the insurer to the bank which is now capped at 40% of brokers’ remuneration rate.

These new provisions come as a result to the several breaches detected which have disrupted the good progress of bancassurance activities.

More news:

• The insurance industry in Nigeria