Commissioner of Insurance calls on Asantehene

Commissioner of Insurance calls on Asantehene

It has come to the attention of the National Insurance Commission (NIC) that, a company by name International Insurance (Ghana) Company (IIC) is operating an insurance business without insurance licence.

The NIC wishes to inform the public that it has not licenced any company by name International Insurance (Ghana) Company and therefore the said company is operating illegally.

The said company is issuing fake insurance policies (cover notes, insurance certificates and insurance motor stickers) to the public, especially, those within the Suhum and Koforidua areas in the Eastern Region.

All insurance policies issued by the said company are invalid.

The NIC hereby advises the public not to transact any insurance business with the said company or their agents henceforth.

Issued by the National Insurance Commission

The President has appointed Mr. Justice Yaw Ofori, as the Commissioner of the National Insurance Commission (NIC).
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)

Mr. Ofori is a Fellow of the Insurance Institute of Ghana and the Chartered Insurance Professional Insurance Institute of Canada.
He assumes duty with a wide range of experience in both teaching and practicing since qualifying as a chartered insurer.

The National Insurance Commission (NIC) Task-force has arrested the heads of two companies in the Greater Accra Metropolis for failing to insure their commercial property.

The companies are the General Auto Zone Company and Ghana Heavy Duty Truck and Spare Parts, which were detained at the Police Headquarters for the necessary action. They were among 70 companies who were cautioned two weeks ago by the NIC to insure their property or face the full rigours of the law.

The Task-force, made up of officials from the NIC, Ghana Police Service and the Ghana National Fire Service, inspected the companies to ensure the compliance of the Insurance Law, Act 724 of 2006. Out of the nine privately owned companies inspected, only the two did not have the fire insurance certificates, in spite of several notifications by the NIC to have them insured.

The Insurance Law makes it compulsory for all commercial buildings, either under construction or completed, to have an insurance certificate. Compulsory insurance has been designed to cover the legal liabilities of owners or occupiers of commercial buildings or vehicles in respect of bodily injury to users and third parties, loss of life or death suffered by users and third parties, and damage to property belonging to users and members of the public.

Interacting with the media after the exercise, Joseph Bentor, the Chairman of the Task-force, said the exercise formed part of the move to enforce Sections 183 and 184 of the Insurance Act.

He said the NIC did a visibility study and identified that 40 private entities in the Metropolis out of 67, had not complied with the directives.

Mr. Bentor said there had been sufficient public education on the need for privately-owned commercial property owners to insure their property against fire, flood, collapse and any other risk since 2007, and expressed worry about the reluctance of some companies to comply.

He said although the law exempted churches and government institutions from such mandatory insurance, they must also insure their premises to ensure the safety of all.

The National Insurance Commission (NIC) in pursuit of its statutory function wishes to inform the General Public that: Adamas Life Assurance Company Limited is undergoing regulatory intervention to improve its operational efficiency:

In view of this, the company has been directed (among other things):

• To stop writing new insurance business

• Not to renew existing insurance business and

• Not to vary any existing insurance contract.

The public is hereby advised not to transact any insurance business with the company until further notice from the NIC.

Issued By:

NATIONAL INSURANCE COMMISSION

17 MAY 2016

National Insurance Commission (NIC) has donated medical equipment worth about GH¢28,000 to the Accident Centre of the Korle-Bu Teaching Hospital.

The commission made the donation on Friday as part of activities to commemorate its 25th anniversary held under the theme: ‘Advancing The Frontiers of Insurance In Ghana’.

The items included one patient monitor and about 20 sphygmomanometers which are to help beef up the resources at the centre.

Making the presentation, the Commissioner, Miss Lydia Lariba Bawa, said the centre is one of the major stakeholders of the NIC.

She disclosed that the commission has over the years supported the centre, and that it has also statutorily contributed an amount of about GH¢30,000 monthly to the National Health Insurance Service (NHIS) towards the health needs of Ghanaians.

According to her, the efforts of the centre could be undermined by inadequate resources, thus the need for the support.

She indicated that “as insurers, we cannot underestimate the importance of the vital support provided by the Accident Centre.

This is because the continuous reduction of fatalities during and after any type of accident, being it fire outbreak, building collapse or car accident ultimately inure to the benefit of the insurance industry in terms of reduced claims payment.”

Head of Department, Korle-Bu Accident Centre, Dr Frederick Kwarteng, who received the items on behalf of the facility, thanked the commission for the gesture and prayed that other corporate bodies emulate the benevolent act and extend support to the hospital as a whole.

Meanwhile, the NIC has extended similar gesture to the Ghana National Ambulance Service with the Ghana National Ambulance with the presentation of GH¢10,000.

Madam Lydia Lariba Bawa told journalists that the NIC will continue to support the service in the coming years in order to help make its service to the nation more relevant.

Miss-Bawa_meet-Otumfuo_edit

The Commissioner of Insurance, Miss. Lydia Lariba Bawa, has paid a courtesy call on the Asantehene Otumfuo Osei Tutu II, at the Manhyia Palace in Kumasi.

The visit to the Manhyia Palace, according to the Commissioner, was to formally bid farewell to the Asantehene as the Area Manager of State Insurance Commission (SIC) and also to inform him on her elevation as the Insurance Commissioner.

She said the insurance industry plays a very important role in the financial sector, and pledged as head of the regulatory body of the industry to ensure that insurance operators do as required of them.

She explained that insurance companies were not encouraged to insure markets due to their nature. However, she said the National Insurance Commission (NIC) is liaising with the Ghana National Fire Service and other stakeholders to make input in the new markets designs in order that markets in the country would become insurable.

Miss. Bawa on behalf of the insurance industry donated some items and GH¢10,000.00 towards the Otumfuo Charity Foundation.