NAICOM, CBN meet to discuss bancassurance

The National Insurance Commission (NAICOM) on Friday said it had held a meeting with the Central Bank of Nigeria (CBN) to reinstate the sale of insurance products in banks (bancassurance).

A statement by NAICON Spokesman, Mr Rasaaq Salami, said the management of NAICOM led by the its Chief Executive, Alhaji Monammed Kari, met with the Committee of CBN Governors led by Mr Godwin Emefiele to discuss the issue.

The NAICOM spokesman said the meeting was successful, adding that there were strong indications of positive resolution of all they grey areas.

“A committee of NAICOM and CBN officials has been mandated to come up with a workable arrangement for the take-off of bancassurance.

“The committee has one week to conclude its arrangement,” Salami said.

NAICOM had ordered suspension of the sale of insurance products in banks in 2016 following a dispute with the apex bank over non-licensing of banks seeking bancassurance services.