Magazine date:
Jun 2015 The Insurance Commission has toughened the regulations governing bancassurance activities with a view to providing better protection to consumers.
Several criteria must, henceforth, be met before a bank is authorized to market insurance products. The new measures stipulate that the insurance commission must first validate the agreement between the insurer and the partner bank.
In addition, a set of clearly-drafted procedures should define the internal strategies to be followed in case of claims reported by policyholders.
Finally, to avoid confusion, outlets and counters making bancassurance operations will be reported separately.