No Result
View All Result
Tuesday, June 28, 2022
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    Intravenous Infusions PLC records 10% growth in profit in 2021

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    Intravenous Infusions PLC records 10% growth in profit in 2021

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

NIC pushes for review of Motor Insurance Act to protect persons hit by gov’t vehicles

byEbenezer Afanyi Dadzie
July 21, 2020
in Local Economy, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

The National Insurance Commission, NIC, says it is seeking a review of the portion of the Motor Insurance Act, 1958, which exempts government registered vehicles from buying insurance policies.

The Act stipulates that all vehicles must be covered for unlimited bodily injury and death compensation to third parties, such as fare paying passengers and pedestrians.

According to the Commission, the Act in its current form, does not offer adequate protection to persons who may suffer damages when they’re hit by state-owned vehicles, hence the need for the review to make it compulsory for government agencies to insure all their vehicles.

ADVERTISEMENT

The Head of Supervision at the NIC, Seth Eshun, told Citi Business News this is just one of the many changes the Commission is working on introducing in the new Insurance Bill.

“There’s always this idea that the government can always self-insure. Government as it’s is now has the most funds so you can say that the government will be able to self-insure and give the requisite protection. It is the same idea that says that if you have more than 200 thousand cedis there you can basically give it to the Auditor General and because you have given that money to the Auditor General you don’t need to buy an insurance, so that is a form of self-insurance and that is the understanding.”

What we are seeking to do is to say that there is a risk. The kind of processes that Ghanaians have to go through to get compensation is not very straight if they are hit. I have suffered a police car hitting me and I knew what I had to go through to get in order to get my car fixed. So basically, all that this is saying is that, we want to make the process better, so one of the things is that after we have discussed with our lawyers and the people advising us, it was advised that instead of changing that in our current Act, we should rather seek to update the Motor Law and 1958,” he said.

The NIC says it would be in government’s interest if it accepts the review since it will save the country some money than the system that exists currently.

“The Motor law is owned by the Ministry of Transport and the Police. But we are mainly in the insurance sector so you don’t want to as it were take powers from them. So, we will finish our Act and then we will start the work with the Police and the Ministry of Transport. We have to make our case, we have to show the pros and cons of that decision and then government will take a decision based on it. Because there are a lot of cars if you go to some Ministries which could have easily been repaired if there was some insurance, so it is about us making our case,’ he said.

The Motor Insurance Database

In its quest to provide a centralized system from which security agencies and the general public including passengers of vehicles can check the validity of a vehicle insurance instantaneously, the NIC introduced the  Motor Insurance Database, MID.

This was implemented on January 1, 2020, and the ultimate aim is to completely eliminate the phenomenon of fake insurance stickers.

Currently, the National Insurance Commission says it has already issued half a million motor insurance stickers using the MID.

Related Posts

Top Stories

Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

byNerteley Nettey

As part of efforts to address the various macro-economic challenges facing the Ghanaian economy in recent times, Director of the...

Read more

Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

Cedi Summit comes off today at Alisa Hotel

BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

BoG, CSA deepen collaboration to fight cyber threats

Dr. Bawumia unveils Ghana’s first Tier IV data centre

Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

Next Post

Widen tax net to make up for oil revenue shortfalls in mid-year budget - COPEC to Gov't

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.