Tag: National Insurance Commission
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Discussions on new Insurance Bill underway – NIC assures stakeholders
The National Insurance Commission (NIC), has stated that processes towards the passage of the new Insurance Act to replace the current one which has outlived its relevance in modern insurance practice, have not been abandoned. The current Insurance Act, 2006 (Act 724), has been in existence for more than ten years since it replaced the…
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Loyalty Life Insurance Company calls for passage of Group Life Insurance Bill
Managing Director of Loyalty Life Insurance Company, Ernest Frimpong has called for the passage of the Group Life Insurance Law within the short to medium term. According to him, the law will not only safeguard the interest of employees but also increase insurance penetration in the country. The National Insurance Commission has in recent times…
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Stop issuing insurance policies to some motorcycles for commercial purposes – NIC cautions
The National Insurance Commission (NIC) has directed insurance companies to desist from issuing vehicle insurance policies to cover motorcycles and tricycles used for commercial purposes, including the carriage of fare paying passengers. According to the NIC, the issuance of vehicle insurance policies to cover motorcycles and tricycles used for commercial purposes is illegal. In a…
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MTTD, NIC collaborate to clamp down on producers of fake insurance stickers, certificates
The Motor Traffic and Transport Department, MTTD of the Ghana Police Service says it is collaborating with the National Insurance Commission, NIC, to clamp down persons issuing fake motor insurance stickers and certificates. Speaking at a Training of Trainers programme on the newly introduced Motor Insurance Database, Operations Director at the MTTD, Supt. Dr. Sasu…
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NIC vows to deal with producers of fake motor insurance stickers
The National Insurance Commission, NIC, has vowed to clamp down on persons still engaged in the production of fake Motor Insurance stickers. The Commission says these activities do not only violate its laws, but also put the lives of motorists and other persons at risk. The NIC estimates that about 40 percent of vehicles on…
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Making Group Life Insurance compulsory in Ghana will cushion employees – NIC
The National Insurance Commission, NIC, says it is looking forward to the passage of the Compulsory Group Life Insurance Law as it would be useful to employees who may suffer damages or lose their lives to unpredictable situations such as the coronavirus pandemic. Group Life Insurance assures employees that in the unlikely event of death,…
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Over 270,000 stickers issued electronically through Motor Insurance Database – NIC
The National Insurance Commission, NIC, says since the introduction of the Motor Insurance Database in January this year, over 270,000 stickers have been issued electronically in five months. According to the NIC, the electronic database has ensured business continuity particularly during the partial lock-down amidst the COVID-19 pandemic. The Motor Insurance Database was introduced to…
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COVID-19 slows down selling of Life Insurance policies – NIC
Ghana’s Insurance sector has taken some hit due to the novel Coronavirus pandemic, specifically life insurance. According to the National Insurance Commission, this could significantly affect Ghana’s insurance penetration and insurance companies. Speaking to Citi Business News, a Deputy Director of the NIC, Mr. Michael Kofi Andoh, explained that, because life insurance policies are mostly…
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We’re positioned to meet NIC’s new minimum capital requirement – Old Mutual
Chief Financial Officer of Old Mutual Ghana, Clara Amarteifio-Taylor, is confident her outfit will meet the new minimum capital requirement set by the National Insurance Commission (NIC). She gave the assurance that her outfit has put in place realistic measures to meet it even before the June 2021 deadline. The NIC increased the minimum capital…
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Industry players optimistic Motor Insurance Database will boost insurance penetration
Insurance companies in the country are anticipating diversity in product offerings to deepen competition in the industry with the rolling out of the new Motor Insurance Database by the National Insurance Commission. Per the move, insurance companies are to issue electronic motor insurance stickers for clients and also input all such information unto a database…