The National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN), are wrapped in a severe disagreement over the terms and conditions for the operation of bancassurance for the banking and insurance in the industry.
Meanwhile, NAICOM has ordered the 58 insurance firms in the country to cancel any form of channels used to sell their products and services except the ones licensed by the commission. Besides, other insurance product distribution channels, including airlines, online or web-based aggregators, telecommunications and other platforms not approved by NAICOM, have been suspended by the insurance regulator.
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