2015-03-25 | BSD/DIR/GEN/LAB/08/014

Guidelines on Bancassurance Products- Referral Model

The Central Bank of Nigeria issues guidelines for banks offering bancassurance products through a non-integrated referral model. Banks can only refer customers to insurance companies and must have a signed agreement with the insurance company outlining responsibilities and commissions. Banks are prohibited from influencing customers to buy insurance products and must disclose referral commissions in their annual financial statements.

Nigeria

Central Bank of Nigeria

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