Tag: NIC
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NIC to the rescue of ESICH Life over delayed payments
The National Insurance Commission, NIC, has moved in to get customers of Esich Life Assurance access to their insurance claims. The company has been saddled with bouts of customer 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…
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Justice Yaw Ofori Appointed Commissioner of Insurance
The President has appointed Mr. Justice Yaw Ofori, as the Commissioner of the National Insurance Commission (NIC). He takes over from Lydia Lariba Bawa. Mr. Ofori, until his appointment was the Director of the Ghana Insurance College. He holds an International Executive MBA and a B.A. Honours from the University of Ghana (Political Science Major).…
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Insurance recapitalization: Defaulter to lose license by mid 2017
All but one of the fifty insurance companies have met the new minimum capital requirement set by the National Insurance Commission (NIC). As a result, the company has until June 2017 to recapitalize in order to escape a possible revocation of its license. This is the indication from the Commissioner of Insurance, Lydia Lariba Bawa.…
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Insurers push for education et al to scale up microinsurance
Deepening education, enforcing collaboration and providing a strict legal framework will spur Ghana on to increase subscriptions for microinsurance, industry watchers have said. Although Ghana is currently placed second to South Africa in terms of percentage of population covered by insurance, the analysts believe much could be attained if the aforementioned factors are taken seriously.…
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3 insurance companies to lose licenses over recapitalization – NIC
At least three insurance companies risk having their licenses revoked, over their failure to meet the recapitalization requirement, by the National Insurance Commission [NIC]. The Commissioner of Insurance at the NIC, Lydia Lariba Bawa who disclosed this to Citi Business News would however not mention the names of the affected companies. “Some will by all…