Dr. Justice Ofori inducted into the Oxford Academic Union

Dr. Justice Ofori inducted into the Oxford Academic Union

The National Insurance Commission (NIC) has presented quantities of reflector vests, hand gloves and body bags for the Airport Divisional Command of the Ghana Police Service to protect the personnel in their traffic duties. The items comprising 100 reflector vests, 100 body bags and 1000 pairs of hand gloves was to aid the officials of the Airport Motor Traffic and Transport Department in their traffic duties.

Presenting the items to the Airport Divisional Command in Accra on Friday, the Commissioner of Insurance, Professor Dr Justice Ofori, advised motorists to be patient on the road to reduce road crashes in the country. “When drivers are careful on the roads, there would be a more significant reduction in the number of accidents to save lives as “every life matters,” he stated.

The Commissioner of Insurance pledged the Commission’s continuous support to the Police to enable the latter execute its road traffic duties efficiently. “As stakeholders, the Police and the NIC can only work together to help minimise the canker and also to ensure that adequate compensations are paid to affected victims through valid insurance claims,” the Commissioner said.

Prof. Dr. Ofori used the opportunity to commend the leadership of the Ghana Police Service for ensuring that the Motor Insurance Database (MID) was successful.

Receiving the items on behalf of the Airport Divisional MITD, Chief Superintendent John Atanga said he was impressed with the introduction of the MID, an electronic system for checking fake insurance stickers.

Dr. Justice Yaw Ofori, Commissioner of Insurance, has re-echoed the need for property owners to take up Fire Insurance policies to protect their buildings.

“Fire Insurance gives you much protection against any peril, as well as shields anyone who enters or uses your premises” he said.

He noted that some individuals have a foot-dragging attitude when it comes to insurance policy, and such an attitude does not augur well: “Insurance is to guard you against risk”.

“I would encourage owners of public buildings and their occupants to make compulsory Fire Insurance a part of their budget to safeguard lives and property,” he added

Dr. Ofori was speaking at an annual interaction with about 70 journalists from different media houses across the country at Elmina in the Central Region.

The media interaction, which was fourth in the series, seeks to educate participants on the National Insurance Commission’s (NIC) role and issues relating to the insurance sector among others.

The 2023 edition focused on ‘Fire insurance and its economic benefits’.

Dr. Yaw Ofori explained that Fire Insurance covers the property owner’s liability, people who enter the building or individuals who use the building.

“If you are a tenant, you have the right to buy fire insurance in order to protect your belongings,” he said.

He pointed out that any fire claim has to be an accident; it should be an unexpected and unintentional fire – not something that is staged.

“Every claim you make is investigated, so if you lie to get a claim and are caught, you will be found wanting,” he enlightened the media, adding that the Commission will continue to educate the public on the need for a fire insurance policy.

Dr. Yaw Ofori explained further that claims settlement on fire insurance is usually done on bases of repairs, replacement, rebuilding, cheque, or cash payment.

Economic importance of Fire Insurance

According to him, the insurance helps to spread risk and aids security – and ‘removes uncertainty’.

Also, he said, it aids to ‘protect creditors’ investment’ and also serves as capital and premiums in the economy.

“There is uncertainty in life, but once you have insurance you are protected and secured,” he added.

He urged media practitioners to take up life insurance policies, as it provides financial security. Again, he encouraged the media to share the good news about insurance, especially about the need for life insurance policies.

On 5th December 2022, the Government of Ghana launched Ghana’s Domestic Debt Exchange programme, an invitation for the voluntary exchange of approximately GHS137 billion of the domestic notes and bonds of the Republic, including E.S.L.A. and Daakye bonds, for a package of New Bonds to be issued by the Republic.
The Exchange excludes Treasury Bills in totality, and notes and bonds held by individuals (natural persons).

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As the Christmas festivities approach, the Director-General of the Motor Traffic and Transport Department (MTTD) of the Ghana Police Service, COP Mr Francis Ebenezer Doku has commended the Management of the National Insurance Commission (NIC) for its resolve in undertaking training and sensitisation initiatives across all categories of persons in the country. The MTTD Boss made these remarks during the launch of a 3-day orientation and training programme for some 100 National Service Personnel who were posted to the MTTD under the Urban Traffic Management module for their 2022/2023 service year. This module was instituted in 2015 to complement the efforts of the Police MTTD and also to engage in sensitizing and educating the public on road safety issues.
”The keen interest and commitment shown by the National Insurance Commission (NIC) for these orientation programmes will make participants educated on basic insurance processes and the novel Motor Insurance Database (MID). This, COP Doku noted will help check fake insurance stickers on our roads.
The participants are expected to create awareness of insurance in the country.
“This programme is geared towards adding human resource to the MTTD for the effective management of road traffic. It is my expectation that NSS personnel will better appreciate the police-citizen relationship and also get rid of the negative stereotype they have about the police service”, he added.

The training programmes for the security agencies’ personnel, especially, have the broad objective of creating insurance awareness and providing an avenue to develop an interest in a career in insurance.
On his part, Ghana’s Commissioner of Insurance, Dr Justice Ofori, has lauded the collaborative efforts of citizens, the Police MTTD and Commission in the reduction of road carnage across the country.
According to him, available statistics from the Police MTTD show that motor accidents and crashes for the first five months [January to May] 2022 stood at 6,472 representing a 4.67% reduction from last year’s figure of 6,789.

In terms of reported cases relating to injuries, the NIC Commissioner indicated [based on the MTTD statistics] that the figure declined by 4.98 within the same review period from 6,967 to 6,620 while death-related accidents declined by 9 percent from 1,250 people in January to May 2021 to 1,140 during the same period in 2022.

“Though as a country we wish to do better to reduce the carnage on our roads, there is clear manifestation to suggest that training modules of this nature have contributed immensely to this feat.”

Dr. Justice Ofori made these remarks in a speech read on his behalf by Mawuli Zogbenu, Head of Public Relations of the Insurance Regulator during the opening ceremony of the NSP MTTD orientation programme.

The Insurance Commissioner added that “Ensuring sanity and protection on our roads are legally and mandatorily provided by two functions; the Police and insurance and our collaborative efforts are so far yielding the necessary results.”

The 3-day orientation programme is facilitated by the Ghana Insurance College (GIC), which is the Insurance Industry’s professional insurance training College in Ghana.
The NIC’s objectives and functions per Sections 2 and 3 of the Insurance Act 2021, (Act 1061), include supporting and encouraging financial inclusion, promoting public awareness and undertaking public education on insurance. This orientation programme for NSP’s is therefore one of priority to the NIC. The programmes will continue to centre on the basic principles of insurance and the MID which is of utmost relevance to these personnel deployed to our roads especially as the Christmas festivities fast approach.


Ghana’s Commissioner of Insurance emerged as one of the Best African Professional out of several other accomplished Professionals in Africa for the year 2021.

The Awards ceremony took place in Addis Ababa, Ethiopia on November 4, where Ghana’s celebrated Commissioner of Insurance received his award virtually.

In his acceptance speech, the CEO of the National Insurance Commission (NIC) expressed his appreciation for the recognition.

Dr. Justice Ofori dedicated the Award to the entire Insurance Industry of Ghana for their relentless support in the many reforms chalked by the Insurance Industry.
The Awards ceremony was organised by The Business Executive in collaboration with Ethiotelecom, Ethiopia.

Sacred Heart Senior High School (SHS) emerged champions in the maiden Insurance Quiz Competition recently organised by the National Insurance Commission (NIC) in the Bono Region.

The competition which is the first of its nature saw a keen contest among four (4) Senior High Schools in the region after the NIC’s Regional Office established Insurance Fun Clubs to sensitize them on insurance.

The 1st runner-up position went to St. James SHS while Twene Amanso SHS placed 3rd with Notre Dame Girls SHS taking the fourth position.

The competing schools and contestants were awarded trophies, cash prizes and certificates for their participation.

Various seminars preceded the competition some months in preparation for the competition which saw ten (10) schools in the preliminary stages.

Commissioner of Insurance, Dr. Justice Ofori in his remarks at the end of the contest expressed delight at the impressive manner in which the contestants responded to questions posed.

He indicated the importance of the exercise on educational value and announced it will be replicated in all regions across the country in the coming months.

It will be recalled that the NIC in collaboration with the Ghana Education Service (GES) launched a nationwide ‘catch-them-young’ approach to providing education to students in the second cycle institutions in 2020. This was a strategy in response to addressing the poor knowledge of insurance which is contributing to the insurance penetration rate.

The implementation of the NIC-GES collaboration by the NIC Bono Regional Office is the Commission’s resolve to uphold Dr. Justice Ofori’s conviction that when people are educated on insurance, they appreciate its importance rather than having a feeling of compulsion to purchase insurance.

Meanwhile, some dignitaries who graced the occasion were Bono Regional Minister, Madam Justina Owusu-Banahene who was the Special Guest of Honour and Bono Regional Director of Education.

Mrs Ivy Asantewa Owusu who chaired the occasion was present along with the Chief Director of the Bono Regional Coordinating Council and the Director of the Ghana Insurance College, Mr Richard Okyere.

The attention of the National Insurance Commission (NIC) has been drawn to the soliciting of fees, commissions and / or other remuneration by entities not licensed by the NIC, from insurance companies in exchange for the performance of the following:

1. Referring clients, customers or any other person whether individual or corporate to the insurer.
2. Soliciting insurance business for the insurer.
3. Inviting another person or causing that person to be invited as a customer through an advertisement or otherwise.
4. Performing any other function of an agent assigned to that person by the insurer.
5. The performance of any other function with respect to insurance.

The above-mentioned activities, for which fees, commissions and / or other remunerations are solicited and paid are the preserve of insurance intermediaries duly licensed by the National Insurance Commission (NIC) for that particular purpose.

This notice shall serve to issue a caution to BANKS, other FINANCIAL INSTITUTIONS and the general public that per Section 109 of the Insurance Act 2021, (Act 1061), it is a breach of the law to carry on or purport to carry on business as an insurance intermediary unless that person or body corporate holds a licence issued by the National Insurance Commission (NIC) for that purpose.

A person is considered to carry on business as an insurance intermediary in the country if that person by way of business as an insurance intermediary, occupies premises in the country or invites another person in the country or causes another person to be invited as a customer through an advertisement or otherwise.

A person purports to carry on business as an insurance intermediary where that person uses any name, style, designation, description, title or trade mark that represents or implies that the person is an insurance intermediary, whether or not that person has been issued a licence for that purpose.

Per Section 109 (4), a person who carries on or purports to carry on business as an insurance intermediary when that person is unlicensed for that purpose is:

1. Liable to a term of imprisonment of not less than two (2) years and not more than five (5) years or,
2. Liable to pay the Commission an administrative penalty of not less than 2,500 penalty units and not more than 10,000 penalty units.


Chief Justice of the Supreme Court, His Lordship Justice Kwasi Anin-Yeboah, has charged judges in the country to expand their knowledge and understating of the new Insurance Act, 2021 (Act 1061).

This comes after the repeal of the Insurance Act, 2006 (Act 724) which occupied the insurance industry for about 15 years.

According to him, critically studying the new Act would ensure Judges of various courts to properly apply and resolve cases related to insurance under the Insurance Act 2021 (Act 1061)

In a speech read on his behalf at the opening ceremony of the Nationwide Insurance Workshop for High Court Judges by the National Insurance Commission (NIC), an Appeal Court Judge and Acting Director of the Judicial Training Institute, His Lordship Justice Dennis Adjei emphasised the importance of understanding the new changes captured in the new Insurance Act.

He said the new insurance law covers both statutory regime and common law in addition to new charges introduced by the Act.

“As judges, we are mandated to resolve all disputes and legalities that may come before us under the Act and we should be able to resolve them in accordance and purpose for which the Act was enacted,” Justice Dennis Adjei stated.

“We as judges must understand the what the Act seeks to address and apply the Act to promote the interests of stakeholders in the insurance industry, particularly the citizenry,” he added.

He explained the Insurance Act, 2021 (Act 1061) comprises 261 sections which covers different aspects of insurance.

These, according to him include solvency and capital requirements, transfers and mergers, licensing, statutory deposits, mediation of complaints, whistle blowing, financial provisions, among others.

Justice Dennis Adjei further called on the insurance regulator; NIC to ensure the workshop and sensitisation exercise on the new Insurance Act is extended to magistrates, circuit and district court judges across the country.

For now, the insurance workshop is targeted at Judges of the High Court, Appeal Court, and Supreme Court of Ghana.

Commissioner of Insurance, Dr. Justice Ofori, in his remarks said the Ghana Insurance College (GIC) will soon begin engagements with the Judicial Training Institute to incorporate Alternative Dispute Resolution (ADR) into the College’s training modules.

“This is to inculcate good negotiation and other ADR skills in insurance practitioners themselves in order not to impede amicable settlement of insurance cases, thus reducing insurance-related litigations,” Dr Ofori said.


The Ghana Journalists Association (GJA) president has commended the Commissioner of Insurance, Dr Justice Ofori for his exceptional leadership in providing Insurance education and awareness.

Albert Kwabena Dwumfour said insurance plays a critical role that safeguards the lives of journalists who are deemed as the fourth estate of the realm in Ghana’s social and democratic dispensation.

Albert Dwumfour speaking during a courtesy call to the National Insurance Commission (NIC) on October 18 in Accra lauded the Commissioner of Insurance, Dr Justice Ofori for his sterling efforts in developing the insurance industry thus far.

He however also the Commissioner for the introduction of the Motor Insurance Database (MID) and other significant reforms and policies aimed at improving the insurance space.

“I want to commend Dr Justice Ofori for his excellent performance since his appointment into office as the Insurance Commissioner which has led to the many policies and accumulation of several awards both to his honour and that of the Commission.

“I am also here to share the new vision of the Ghana Journalists Association with the Commission towards the advancement of the insurance sector, particularly for journalists in the country”.

He further touched on the relevance of new media in today’s journalism practice and the need to incorporate new media into the traditional media in a bid to move journalism practice to meet higher standards in the country.

Commissioner of Insurance Dr Justice Ofori on his part expressed gratitude to the GJA executives and indicated that the Commission is keen on working with the Association in attaining greater heights in the country.

Present during the courtesy call was the newly elected GJA executives led by Mr Kwabena Dwumfour, Linda Asante Agyei, Vice President; Rebecca Ekpe, Public Affairs Officer, Dominic Hlordzi, Organising Secretary and Audrey Dekalu, Treasurer.

Also present at the engagement was Dr Justice Ofori, Commissioner of Insurance and other officials of the Commission.

The courtesy call was aimed at formally introducing themselves to the Insurance Commissioner and strengthening the working relationship that exists between the Association and the Commission.

Dr. Justice Yaw Ofori, Ghana’s Commissioner of Insurance, has been inducted into the Oxford Academic Union of the United Kingdom (UK).
The Chief Executive Officer of the National Insurance Commission (NIC) was among a few accomplished and high-profile individuals globally, with diverse specializations, recognized and inducted and presented with an induction certificate. His illustrious career as a professional insurer of many years standing, coupled with his stellar performance as Ghana’s leader of Insurance regulation did not escape the lenses of the Oxford Academic Union. In Ghana, he has been largely hailed for aggressively driving innovative transformation of the insurance landscape through disruptive high technologies to enhance business processes and aide insurance growth in Ghana. This, among other key considerations led to his selection from amongst several other nominees across the world for the rare honour.
For instance, Dr. Ofori, who previously served as Director of the Ghana Insurance College (GIC) for more than a decade, has led the NIC to implement several bold transformational initiatives including deepening insurance education in Ghana and the introduction of the celebrated Motor Insurance Database (MID), which most industry pundits have referred to as arguably the most significant innovative intervention in Ghana’s insurance landscape and in the world.

By his induction, Dr. Ofori is now a member of the Academic Union Speakers Bureau, and in the league of a privileged few to use the Academic Lounge in Oxford. He will also be expected to speak at various Academic Union scientific events and Academic Union meetings, to share his expertise and deep insights on a wide range of topical issues.

Following this recent declaration by the European Business Assembly, Dr. Ofori, who was visibly overwhelmed by the recognition, expressed his profound gratitude to the Oxford Academic Union. He reckons this recognition would enhance the growing spotlight and key developments in the insurance landscape in Ghana and beyond. An elated Dr. Ofori is also quoted as saying “This recognition which is symbolic of credit and expression of appreciation to people who promote social and intellectual progress of modern society, though came to me as a surprise, makes me feel the desire to strive harder for greater feats for my country.”
It will be recalled that through his exemplary leadership and managerial acumen, the Ghana Journalists Association (GJA), conferred on him an honorary Member of the Association during its 25th Awards particularly in recognition of his contribution to insurance education in the country and for his lead role in the introduction of the MID.
The Academic Union is an international Oxford-based association of over 300 Universities, Chancellors, scientists and researcher coming from over 40 countries. The Union pursues the ideals of excellence, innovation and accessibility. The primary aim of the union is to join the efforts of scientists, academics and business to develop a unique teaching methods and education of the universities of the future and these are expected to meet the challenges posed by the 21st century.
Some time last year, Dr. Ofori was awarded the coveted Overall Best CEO of the year 2021 by the Ghana Leadership Awards!
He picked an award on behalf of Ghana’s Insurance Industry for leading the Industry personnel to donate the highest number of units of blood to save lives, a demonstration of his desire for community service. He instituted the Ghana Insurance Industry Blood Donation Month (August) and recently launched the 2022 edition of such corporate social responsibility.