Policy holders with ESICH Life Assurance should expect to receive part of their locked up claims in the next 2 to 3 months.
That is according to the regulator for the insurance sector in Ghana, the National Insurance Commission (NIC).
The NIC back in October 2018, moved in to get customers of ESICH Life Assurance access to their insurance claims, but only managed to get an administrator assigned to take-over the running of the company in February 2019.
In an interview with Citi Business News on the fate of customers of ESICH Life Assurance, the Head of Supervision at the National Insurance Commission (NIC), Seth Eshun revealed that stakeholders in the insurance industry have pooled resources to help in settling the claims of affected customers.
“This specific fund we are using to help the policy holders of ESICH Life is called a CLIENT RESCUE FUND which receives contribution from all Insurance Companies. The fund says that the first GHC 5,000 everyone gets 100 percent, then from GHC 5,000 to GHC 10,000 you get 50 percent and it continues from there. Seeing that some of the money are with some banks with liquidity issues, I’m certain payment will begin in the next 2 to 3 months.”
The company has been saddled with bouts of customers picketing for almost a year now following failure by the clients to access their claims.
The woes of ESICH Life have been connected with the collapse of Capital bank as they are believed to share some key stakeholders.
Speaking on the way forward, Seth Eshun revealed that the administrator was looking at possibly prosecuting individuals whose actions led to the collapse of ESICH Life.
“Basically we are looking at what the shareholders did, we are also looking at the culpability of other management members as well as the role of the regulator. We must ensure that this does not happen again.”