The Committee has put in place guidelines for the disbursement of monies derived from the Fund in the event of an insurance company failure.
The secretariat of the fund is situated at the National Insurance Commission.
Payments are made on behalf of Policyholders of liquidated insurance companies when the secretariat receives petitions and forwards to the committee for consideration.
Beneficiaries must be policyholders of Insurance companies regulated by the NIC
Payments must be by approval of simple majority of the committee members.
Policyholders with the underlisted types of products are excluded
-All types of Bonds
In addition payments shall be made to the following
a) Corporate entities
b) Third party liabilities
Payment limits shall apply per insured as opposed to per policy
100% of the first GH₵ 4,000.00 of the benefits under the policy
25% of the next GH₵ 55,000.00
10% of the rest.
All premiums due the policy should be paid.
All the above shall be subject to the maximum payment of a cedi equivalent of USD 1,500