Regulatory Alerts2015-03-25 | BSD/DIR/GEN/LAB/08/014Added · Updated
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.