NBS unveils insurance financing facility - 21/07/2009

NBS Bank has unveiled the Insurance Premium Financing, a credit line that clients can access to pay for their insurance premiums. NBS Bank asset finance manager William Yafete said the facility is aimed at providing flexibility to Malawians in as far as settling insurance premiums is concerned. Yafete said, through the initative, the bank will be paying the rull amount of insurance premium to an insurer and will allow the client to square the amount in monthly instalments.

"In 2004, the Reserve Bank of Malawi issued a press release in which they guided that insurance premium should be paid within 60 days of insurance cover. Premium financing is loan granted to companies or individuals for paying their insurance premiums for securing their assets, said Yafete.

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