The National Insurance Commission (NIC) will soon make it compulsory for public buildings belonging to government to be insured.
According to the Deputy Commissioner of Insurance at the National Insurance Commission Simon Nerro Davor, the NIC will soon submit to the Attorney General a draft amendment bill which will make it compulsory for all government buildings to be insured.
Speaking to Citi Business News, Simon Nerro Davor said the commission is committed to ensuring that all commercial and office buildings are insured to widen the country’s insurance base.
“The only difficulty that we have which most people are not aware of is that the law talks about private commercial properties and government properties are excluded. Therefore we have now triggered the processes to address the legal setback in the law. We now have ready the draft amendment bill where we are recommending that it’s should be extended to cover the public buildings.”
He further stated “the proposal in the new law says that all public buildings will have to be insured. We sent the draft bill to cabinet and it has been brought back for some amendment for it to be sent to the Attorney General’s department.”
Simon Nerro Davor said the commission hopefully will complete further consultation on the draft bill and send the inputs together with the bill to the finance ministry to be forward to the AG’s department.
The commission last year began the implementation of the compulsory insurance policy on commercial buildings.
The move is in line with the Insurance Law 2006, Act 724, meant to provide security for owners of such buildings and third parties in case of any accident, but the new law as passed excluded government buildings.
By: Norvan Acquah – Hayford/citibusinessnews.com/Ghana