11 JAN 2018
ICC Press Release pertaining to the Bancassurance

In respect of Notification 921 issued on 26/12/2017 by the Central Bank and related to the selling and commercialization of insurance products by banks and financial institutions, the Insurance Control Commission underlines the following:

  1. The insurance companies owned fully or partially by banks form a fundamental pillar of the insurance sector, due to their sound governance, strong financial condition, and high service quality.
  2. The Insurance Control Commission operates in a context of regular and continuous cooperation with the Central Bank and relevant supervisory authorities to ensure the good implementation of the prevailing regulations to the best interest of the public and the positive development of the national economy.
  3. The Commission, in coordination with the Central Bank, intends to establish an operational framework in line with the issuance, commercialization, and servicing practices of the insurance companies that deal with banks, while staying entirely in line with the prevailing regulations, and keeping a strict focus on the consumers’ (policyholders’) rights and providing them with the best insurance services at the best possible conditions.