Insurance

Distribution channel: NAICOM to sign MoU with CBN on Monday, woos PFAs

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Chuks Udo Okonta

The National Insurance Commission (NAICOM), as parts of its drive to create more distribution channels for insurance, hopes to sign Memorandum of Understanding with the Central Bank of Nigeria (CBN) tomorrow Monday.

Inspen gathered that the insurance regulator, is also wooing Pension Fund Administrations (PFAs) to leverage their platforms to sell insurance products.

The Commissioner for Insurance, Mohammed Kari, who disclosed this, said the commission had sort out and agreed with the CBN on the issue of bancassurance, adding that both regulators would sign MoU by Monday (tomorrow).

“We have also had meeting with Nigerian Communication Commission (NCC). Even the meeting we had with the National Pension Commission (PenCom), we also discussed with the PFAs what we can do together and we are going to release the distribution guidelines to all non regulated potential intermediaries and referring agents. But the regulated ones, we feel it is courteous and better to discuss with the regulator first and we have being doing that.

“We have done SEC, PenCom, NCC and CBN. I think the bank is the major one everybody’s attention has been drawn to. We have agreed on all money deposit banks and micro finance banks and the agreement will be signed by Monday,” he said.

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