Draft bill regulating the new insurance distribution channels

In Nigeria, the insurance penetration rate is below 0.4%, a low rate compared to other countries such as South Africa (14%) or Namibia (7.2%). The National Insurance Commission has identified the factors hindering the growth of insurance in the country, pointing to the lack of distribution channels.

In an effort to offset this shortcoming, the supervisory authority drafted a bill that regulates the distribution of insurance products and defines new kinds of partners and agents of insurance companies.

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