NAICOM bars insurers from selling products through banks

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National Insurance Commission, NAICOM Logo

The National Insurance Commission has barred all underwriting companies from selling their products through the banks and other financial institutions.

The Commissioner for Insurance, Mr. Mohammed Kari, said this during the investiture ceremony of the Managing Director, Consolidated Hallmark Insurance Plc, Mr. Eddie Efekoha, as the 22nd chairman of the Nigerian Insurers Association in Lagos.

Kari said that the commission had been in discussion with the apex bank on the bancassurance (selling insurance products through bank networks) distribution channel for some time now. “However, in a letter received last week, the CBN asserted that NAICOM was not in a position to license banks and thus we could not go ahead with the arrangement for now” he said.

The commissioner said that NAICOM would continue to engage the CBN until all the grey areas were resolved.

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