The National Insurance Commission (NAICOM) on Saturday said that the new distribution channels in the industry would help to restructure it for effectiveness and efficiency.
Mr Rasaaq Salami, Head, Corporate Affairs of NAICOM, said this in an interview in Lagos.
The development came on the heels of the Central Bank of Nigeria (CBN)’s rejection of the idea of NAICOM licensing banks that want to retail insurance products.
“This made the commission to precisely in August 2016, ban the use of alternative distribution channels in the sale of insurance products in the country.
NAICOM on Dec. 7, 2016 introduced new distributive channels for the sale of insurance products.
He said the new channels, developed last December, would restructure the industry for effectiveness by enhancing insurance penetration in all states of the country.
“We know that the distribution channels of insurance products are brokers, agents and the insurance companies.
“Other segments like the Nigeria Bar Association (NBA) and the Nigerian Stock Exchange (NSE) will act only as referrals, as they won’t sell the products.
“This giant step by the commission will deepen insurance penetration in the country, ‘’ he said.
Salami said the Commissioner for Insurance and the Chief Executive Officer (CEO) of NAICOM, Alhaji Mohammed Kari, appreciated the full support of stakeholders.
“Alhaji Kari appreciates all stakeholders’ strife at bridging the existing insurance gap in the country, so that insurance could become a household name,” he said.
Salami also said the commission enjoined operators to place the interests of customers at the centre of their business plans and strategies.
CHECK OUT THESE INTERESTING STORIES:
- Lai Mohammed: We need to create jobs, both skilled and semi skilled
- Dangote sets up truck assembly plant In Lagos, creates 3,00 jobs
- CBN Insists FOREX Ban On 41 Items Stands
- NYSC to establish skills acquisition centres nationwide – DG
- All Nigerian Banks Should Emulate Islamic Jaiz Bank Policies – Emir Of Gwandu
- Ecobank enlists fleet operators for Lagos operations
- Governor loses stolen $10m bailout funds to mistress
- ‘Corruption in Nigeria embedded in budgetary process’
- Over 100 People Arrested In Benue For Sanitation Offence
- NPA to collaborate with govt. agencies to improve World Bank ranking
- Bayelsa govt floats N10bn Entrepreneur Devt Fund
- SEC Recruitment: ‘SEC Complied with Laid Down Procedures in Employment of Staff’
- Workers shut DESOPADEC over end of year benefit
- Permsec who stole 45 SUV cars Is From Bayelsa state
- Christmas Tragedy: FRSC Records 289 crashes, 187 death
- Kogi: Gov Bello Faces Fierce Oppositions As Stakeholders Pass Vote Of No Confidence
- Nigeria Customs intercepts bags of plastic rice
- Mass Sack Looms in Nigeria’s Power Sector
- Buhari’s Rumoured Death: NLC denies call on Mr President to address nation
- Nigeria To Establish Aviation University