Five companies already applied for bancassurance – NAICOM


By Rosemary Onuoha

The National Insurance Commission, NAICOM, has said that only five companies have so far applied for bancassurance license after the release of the revised guidelines on bancassurance partnership in the sector.

File: insurance

This is in contrast to the previous situation where almost all insurance companies were involved in bancassurance partnerships before it was suspended by NAICOM two years ago.

Deputy Commissioner, Technical of NAICOM, Mr. Sunday Thomas, who disclosed this at a seminar organised for insurance reporters in Benin last weekend said that the resolve of the regulator to sanction unethical and unprofessional bancassurance deals compelled unserious companies to abstain from applying.

Thomas said, “After the suspension of all bancassurance partnerships between insurance companies and banks two years ago, we have reviewed the guideline going…

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