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Motor Insurance Database records 78,000 newly insured vehicles in 6 weeks

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The National Insurance Commission (NIC) has recorded over 78,000 newly insured vehicles as of February 17, since it implemented the Motor Insurance Database (MID). The Commissioner of Insurance, Justice Yaw Ofori, disclosed this Monday, February 17, at a meeting with the Greater Accra Regional Executives of the Ghana Private Road Transport Union (GPRTU) of the […]

Press Release: Implementation of the Motor Insurance Database (MID)

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The National Insurance Commission (NIC) which is the Regulatory and Supervisory Body of the Insurance services sector with a broad consumer and prudential regulatory mandate under Section 2(3) of the Insurance Act 2006, (Act 724) wishes to bring to the notice of the general public that it has commenced the implementation of the Motor Insurance […]

IGP Endorses Motor Insurance Database

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The Inspector-General of Police (IGP) has commended the National Insurance Commission (NIC) on its bold implementation of the Motor Insurance Database (MID). The objective of the MID is to curb the phenomenon of vehicles with fake motor insurance stickers plying our roads, thus endangering lives and property. He made these is remarks when the top […]

Driver Unions Endorse NIC’s Move to Eradicate Fake Motor Insurance

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The leadership of transport unions has endorsed the initiative by the insurance regulator to implement an electronic insurance database, to check the menace of fake insurance stickers. The Driver Unions who were moved by their excitement at the news, recently paid a courtesy call on the Commissioner of Insurance at the National Insurance Commission, to […]

NIC shuts down ZETA Insurance Brokers for operating illegally

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The National Insurance Commission (NIC) has shut down ZETA Insurance Brokers for operating illegally. According to the commission, the said company has been operating for the past five years in Accra. Addressing the media on Thursday, the Commissioner of Insurance, Justice Yaw Ofori says the Police are currently investigating the matter. “We did our investigation […]

NIC allays fears over drop in insurance penetration rate

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The National Insurance Commission (NIC) has allayed fears that the decline in insurance penetration rate will hurt the sector. According to the Commission’s 2018 report, the sector’s penetration rate dropped from 1.12 per cent to 1% – a situation the NIC attributed to the rebasing of the economy. Addressing the media at this year’s Ghana […]

PRESS RELEASE: New Minimum Capital requirements (MCR) for Insurance Entities

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As part of on- going efforts to stabilise, strengthen and enhance the capacity of the financial services sector to support socio-economic development, the National Insurance Commission has revised the Minimum Capital Requirements of all insurance entities. The mandate of the Commission is to protect the interest of policyholders by ensuring a financially strong Insurance industry. […]

NOTICE: Review of Fees Payable to the National Insurance Commission (NIC)

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Pursuant to section 21, 45, and 114 of the Insurance Act 2016, Act 724 obligating all Insurers, Reinsurers and Intermediaries to pay for some of the specific services provided by the National Insurance Commission (NIC), the NIC presents the revised schedule of fees. Please note there is going to be annual reviews of fees after […]

NIC Verses Swaytel Insurance Company Limited (an unlicenced Company)

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The general public is being informed that the trial of the person accused of operating an unlicensed insurance company, Swaytel Insurance Company Limited, in Swedru has ended. The accused person, Emmanuel Kwame Adjei, was found guilty and convicted by the court on all seven counts, including operating an unlicenced insurance company, forging of fake Motor […]

NIC to have Central Database for Authenticating Insurance Policies

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As part of measures to deal with the problem of fake insurance certificates, the National Insurance Commission (NIC) is to roll out a central database system where all policies issued by insurance companies would reflect to ensure easy verification. “We are going to have a system whereby it will be easy for the police to […]