Regulatory challenges of banc-assurance: a comparative analysis between Kenya, India and south Africa
Nungari, Ivy Kiguta
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The provision of insurance and banking products and services through a common distribution channel or to a common client base is referred to as banc assurance. Today the situation has totally changed wherein each and every individual in relatively every edge of our country has access to insurance products because of the role played by banks in the distribution. The part that banks play as intermediaries in the distribution of these products to consumers through their tremendous networks produce enormous business incomes all around. In Kenya, banks and insurance agencies have collaborated to offer insurance products to customers regardless of want of regulations governing these partnerships. This issue is aggravated by the way that these partnerships between banks and insurance agencies have for a long time been prohibited by express provisions of law. Here lies the issue that this paper tries to investigate and resolve. The paper recommends direction of banc assurance and proposes a system, which such control should take. The main strategy adopted in this paper is the risk based research approach.