The impasse created deliberately by the regulator and its hardline stance not to recognise associations and have them anchored in law will continue to create a losing battle for insurance growth even as they spend taxpayers’ money on futile exercises.
But coupled with all that is the moribund laws being made in the insurance sector deliberately crippling insurance intermediaries.
No one bothers to find out the stakeholders’ views on these laws and the regulator needs to be held accountable for these developments because they are advisors of government on matters insurance.
We should remember that a law was passed last year, despite evidence to the contrary, that insurance cannot be done by intermediaries without them touching their clients’ monies in facilitation of paying their premiums.
Banks as mentioned earlier will be the beneficiaries of all the billions in premiums generated over the years’ by insurance intermediaries once we all go home because they have evolved into a different entity in insurance, where they are not classified as agents or brokers.
