Tag: NIC
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We’ll continue to implement policies to build strong insurance sector – NIC
The National Insurance Commission (NIC) has assured of continued efforts to increase insurance penetration in the country in 2022. According to the NIC, even though insurance is one of the most important sectors in the economy, it has not recorded the needed patronage it deserves. Speaking on behalf of the Commissioner of Insurance at the…
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53% of SSNIT beneficiaries receive less than GH¢1000 — NPRA
More than half (53 per cent) of the 233,670 pensioners on the Social Security and National Insurance Trust (SSNIT) payroll currently receive less than GH¢1000 per month, Director of Planning, Research, Monitoring and Evaluation at the National Pensions Regulatory Authority (NPRA), Mr. Ernest Amartey-Vondee, has disclosed. Out of this number, he said 1,669 people were…
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NIC donates 500 GoTa phones to Police Service to boost fight against fake Motor Insurance
The National Insurance Commission (NIC) has presented 500 GoTa phones to the Motor Traffic & Transport Department (MTTD) of the Ghana Police Service for enforcement activities. These security devices are meant to detect vehicles with fake motor insurance policies plying the roads. Presenting the items to the Police at an official ceremony at the Police…
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NIC, MTTD and National Service Secretariat to train more youth in insurance
Data from the National Insurance Commission, NIC, shows that Ghana’s insurance penetration and coverage remains quite low. The Insurance Commission has thus reiterated its commitment to improve the trend in the next few years by implementing new initiatives; which includes the training of some ten thousand Ghanaian youth on insurance to offer different services. As…
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Take advantage of risk management opportunities from COVID-19 – NIC Boss to Insurance firms
The Commissioner of Insurance, Mr. Justice Ofori, has advised Chief Executive Officers (CEOs) and Chief Finance Officers (CFOs) of insurance companies in the country to take advantage of the risk management opportunities occasioned by the emergence of the COVID-19 pandemic. He said this when he was advising them to rethink their ways of doing business.…
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NIC to strictly enforce compulsory fire insurance for commercial properties
The National Insurance Commission (NIC), says it will soon hit the metropolitan and district business enclaves of the country to intensify its sensitization and enforcement drive on compulsory property insurance. This was disclosed by the Commissioner of Insurance, Mr. Justice Yaw Ofori in a recent statement. He indicated that though the Insurance Law, Act 724…
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Okada riders lament ‘no insurance’ directive; call for legislation of their operations
Some commercial motorcycle operators in Ghana are calling for effective legislation of their operations to enable them conduct their businesses without any hindrance. Their calls follow a recent directive from the National Insurance Commission (NIC) for insurance companies to stop issuing insurance policies to motorcycles and tricycles used for commercial purposes. Popularly known as “Okada”,…
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NIC pushes for review of Motor Insurance Act to protect persons hit by gov’t vehicles
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.…
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Over 500,000 stickers issued electronically through Motor Insurance Database – NIC
The National Insurance Commission, which regulates Ghana’s insurance sector, says it has already issued half a million motor insurance stickers using the newly introduced Motor Insurance Database, MID. According to the NIC, over time, the Motor Insurance Database will help to completely eliminate the phenomenon of fake insurance stickers. Speaking to Citi Business News, the…
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Insurance Industry supports Ghana’s COVID-19 Trust Fund
Ghana’s insurance industry has made a total donation of one million one hundred and five thousand Ghana cedis (GHC1,105,000) in support of the national COVID 19 Trust Fund. This is in response to President Akufo-Addo’s call for the support of the general Ghanaian populace, after he had established the COVID 19 Trust Fund to support…