Tag: NIC
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COVID-19: National Insurance Commission reviews operations to protect staff
In the wake of the Coronavirus pandemic, the National Insurance Commission (NIC), has reviewed its operations to avoid the spread of the disease among its staff. This follows the new public gathering rules announced by government on Sunday, March 15, 2020. A statement signed by the Commissioner of Insurance, Justice Yaw Ofori, states that the…
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Motor Insurance database crosses 101,000 mark in 7 weeks after implementation
The Motor Insurance Database (MID), which was introduced by the National Insurance Commission in January 2020 to help eliminate the phenomenon of fake insurance in the system has crossed the 100,000 mark just in 7 weeks. This was disclosed by the Head of Supervision of the National Insurance Commission (NIC), Mr. Seth Eshun, during the…
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NIC improving verification of marine insurance at the ports – Commissioner
The National Insurance Commission (NIC), says it is collaborating with other insurance companies in the marine insurance sector to help check and certify insurance policies at the ports. The Commission says this will help check the insurance on imported goods that come into the country. Speaking to journalists, the Commissioner of the National Insurance Commission,…
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GPRTU backs new Motor Insurance Database to check fake insurance stickers
Following the introduction of the Motor Insurance Database (MID) to check the menace of fake insurance stickers, the Greater Accra Regional Executives of the Ghana Private Road Transport Union (GPRTU) of the Trades Unions Congress (TUC), has pledged their support to the National Insurance Commission to ensure a smooth implementation of the programme. The group…
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NIC extends deadline for submission of motor insurance data by insurance firms
The National Insurance Commission, NIC, says it is expecting all insurance companies to furnish it with information on all motor insurance policy holders by March 2020. The directive follows the commencement of the Motor Insurance Database, which has replaced the old insurance stickers with an electronic one, to check fake insurance stickers. In January, the…
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Workers of Heritage Insurance busted for allegedly issuing fake insurance stickers
Some workers of Heritage Energy Insurance Company Limited have been arrested by the Airport Police for producing fake insurance stickers at the Head Office of the Company at Abelenkpe, a suburb of Accra. The arrest, caused at the instance of the Special Investigative Unit of the National Insurance Commission (NIC) was upon a tip-off. Addressing…
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NIC hosts Vice President on digitization of insurance
The crucial role of digitization and for that matter technology in advancing financial inclusion in most developing countries including Ghana cannot be overstated. Notwithstanding the estimated 1.7 billion people across the globe who lack access to safe, reliable and convenient financial services, in most emerging markets including Ghana, there has rather been an impressive increase…
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NIC to roll out motor insurance database to check fake insurance stickers
Effective April 2020, motorists would not have to paste motor insurance stickers on the windscreens of their vehicles to prove that their vehicles are insured. This follows the National Insurance Commission’s plan to roll out an electronic database next year. When completed, the system, which is already under testing, will enable the police and other…
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Recapitalisation will sustain claims payments – NIC
The National Insurance Commission (NIC) has expressed its resolve to increase genuine claims payments by industry practitioners in the country. The Commissioner of Insurance, Justice Yaw Ofori believes the move should boost uptake of insurance products in Ghana by the majority who are uninsured. The seeming disinterest by insurance companies to pay claims has partly…
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NIC to announce new capital levels by first quarter
The National Insurance Commission (NIC) says it will before the end of the first quarter of 2019 announce new minimum capital requirements for players in the insurance industry. Companies within the insurance sector are to expect increases of more than 200 percent according to the Commissioner of Insurance, Mr. Justice Yaw Ofori. The expected recapitalization…