Public Notice – Appointment of Statutory Manager for Regencynem Insurance Limited

Public Notice – Appointment of Statutory Manager for Regencynem Insurance Limited

The National Insurance Commission (NIC) has achieved the training of 10,000 for the Insurance Industry as of January 17, 2022. The training of the youth as Insurance Sales Agents was instituted by the NIC in 2019 with the view to building a more professional capacity and also creating employment for the youth.

This was disclosed by the Commissioner of Insurance, Dr. Justice Ofori on the sideline of a training programme organized for some 70 National Service Personnel by the NIC in collaboration with the Motor Traffic and Transport Department (MTTD) of the Ghana Police Service held in Kumasi. Impressed with the turn out of the youth over the period as a way of creating employment for the youth, the Commissioner of Insurance indicated that the initiative which was implemented in 2019 had a target of 10,000 over a period of ….. years. He was excited about the fact that the youth have developed interest in pursuing insurance as a career which has huge potential.

Dr. Justice Ofori used the opportunity to commend the Ghana Insurance College (GIC) which facilitates the training across the country.

He called on the youth to the take advantage of the opportunity to be able to chart a career path for themselves in an industry that has a lot of potential for personal and national development.

The Ghana Insurance College is Ghana’s premier insurance training institution established by the NIC, Ghana Insurers Association (GIA), Chartered Insurance Institute of Ghana (CIIG) and the Insurance Brokers Association of Ghana (IBAG). The institution has since trained about 350 Chartered Insurers for Ghana’s Insurance Industry.

Speaking on the need for the collaboration between the NIC and the Police MTTD at the training launch in Kumasi, Dr. Ofori underscored the need for education on insurance and its relevance to individuals and the national economy. “We realized that there is the need to demystify insurance and to do so, the first group of people we need to deal with are the Police and other para-military agencies. With the Police, though the law stipulates clearly that people should not drive without insurance on the streets, the NIC and / or the insurance companies cannot enforce it without the support of the police,” he said.

The National Insurance Commission in partnership with FSD Africa, and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH’s FSD component have launched InnoLab, an accelerator programme designed to support and grow the nation’s insurtech start-ups, while unlocking innovations which can help transform the country’s insurance industry.

Through the programme, 10 innovators will be selected to participate in a 10-week programme that will provide them with the expertise, resources, and support to develop and scale market- ready solutions that bring social or commercial value to Ghana’s insurance sector.

In line with this, GIZ Ghana on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) and Tellistic is supporting FSD Africa and the National Insurance Commission with the roll-out of InnoLab, by coordinating the programme and providing technical support to qualifying insurtechs.

InnoLab will leverage global best practice and results from similar initiatives, including BimaLab in Kenya, to support the development of a vibrant insurance ecosystem. The eco-system will comprise start-ups, corporate partners, investors, and research institutions working to accelerate and scale innovation in the national insurance industry.

Africa’s insurance sector is primed for growth and technology can help unlock the innovations needed to deliver more affordable and relevant products for local consumers.

Industry insights by McKinsey indicate that Africa’s insurance industry is valued at approximately $68 billion in terms of Gross Written Premium (GWP). However, most people who wish to get insurance products and services are deterred by high premiums and products that do not meet consumer needs.

To widen insurance coverage, FSD Africa plans on rolling out similar accelerator programmes across Africa, with plans for Nigeria’s accelerator now at an advance stage. Solutions being generated under the accelerator programmes will be designed to speak to the needs of populations beyond their borders of origination.

Among the success stories from previous BimaLab Accelerator programmes are: AiCare, a Kenyan telematics insurance provider which has secured funding from Nairobi Business Angels Network (NaiBAN) and from Toyota Tsusho and Bismart, an insurance agency which has partnered with Britam to launch a short-term school fees insurance cover called Elimu Smart which was incubated in the Lab. The cover protects school going children from dropping out of school in the unfortunate event of death, permanent disability or critical illness of the parent or guardian.

Commenting on the launch of the InnoLab Accelerator Programme, Elias Omondi, Senior Manager, Risk Regulations, FSD Africa said: “Start-ups need support to develop their ideas, which can easily be achieved through training, mentorship, and coaching. InnoLab, will provide this environment and an opportunity to create new networks which will ultimately lead to a revolution in the insurance sector.”

Dr. Justice Yaw Ofori, Commissioner of Insurance said: “the Ghanaian insurance ecosystem has huge potential and this can be achieved through initiatives such as this Innolab program, which would serve as a catalyst for insurtech firms to nurture and showcase solutions that will propel growth of the insurance sector”.

“As a key driver of change in the financial sector, innovation has led to immeasurable efficiency gains, even though these changes can sometimes be accompanied by uncertainty and hesitation. It is GIZ’s firm belief that today’s event will be the beginning of a journey for the Insurance sector to collaborate more closely with technology start-ups, to better address the insurability of policyholders by using technology to simplify processes and tailoring policies that better suit their needs” the GIZ-FSD component manager Ms. Angela Armah explained at the launch.

Commissioner of Insurance and Chief Executive Officer of the National Insurance Commission (NIC), Dr. Justice Ofori has been adjudged the Chief Executive Officer (CEO) of the year 2021.

At a ceremony at the Accra City Hotel over the weekend organised by the Ghana Leadership Awards, the Leader of Insurance Regulation and Supervision in Ghana was awarded the Overall Best CEO for the year 2021.

There were 19 other Awards of the night presented to distinguished personalities in business, entrepreneurship, civil service, local governance, etc.

Dr. Ofori who picked up a plaque and a certificate as the ultimate winner expressed shock as to how it happened.

As far as he was concerned, he was just a Nominee and did not expect to come out tops.

He dedicated the Award to the Board, Management, and Staff of the NIC as well as the Insurance Industry as a whole.

This award comes swiftly on the heels of a few other laurels he had won within a week. The West Africa Nobles Forum (WANF) presented him with an award for upholding the virtues of Integrity, Honesty and Accountability upon becoming the Commissioner of Insurance on November 26, 2021.

Dr. Ofori was again adjudged by the National Blood Service as the Overall Best Corporate Blood Donor for 2021 for his role in leading the entire insurance industry to donate 802 units of blood to save lives in the various blood banks across the country.

Dr. Ofori has recently declared the month of August as Ghana insurance industry blood donation month, a Corporate Social Responsibility gesture by the insurance industry that will help in restocking the country’s blood banks to save lives.

He has been largely touted as a transformational leader who brought a lot of changes in the insurance space.

Key among his achievements is the introduction of the Motor Insurance Database (MID) which has largely led to a significant reduction in fake motor insurances and vehicles dangerously plying our roads without insurance.

The CEO of the Year expressed gratitude to the entire insurance industry for their cooperation and hardwork that culminated in these awards.

“It means we are doing something right and must do more”, he told the media in a post awards interaction. He also used the opportunity to encourage especially the youth to keep moving in the right direction and in honesty as “whatever you are doing, someone is watching,” he said.

Minister for Finance, Ken Ofori-Atta has inaugurated and sworn-in members of the newly constituted Board of Directors of the National Insurance Commission (NIC)

Speaking at a ceremony in Accra on Tuesday, November 30th 2021, Ken Ofori-Atta charged members of the board to diligently steer the affairs of the insurance industry and make it more efficient.

He touted the on-going recapitalisation exercise in the insurance sector and urged insurance entities to meet the new minimum capital requirement for strong results.

Meanwhile, the NIC Board will be chaired by Madam Abenaa Kessewaa Brown, Dr. Justice Ofori, Commissioner of Insurance and member.

Other members are Professor Bill Buernor Puplampu, Sampson Akligoh and Mrs. Geta Striggner-Quartey, Franklin Asafo Adjei and Mr. Emmanuel Amofa.

Additionally, Mrs. Naa Shormeh Gyang, is Secretary to the NIC Board

Meanwhile, the Bank of Ghana has revealed Ghana’s insurance industry witnessed an increase in its total capital base to GH¢2.91 billion at the end of December 2020, from an earlier GH¢2.53 billion recorded in December 2019.

According to the central bank’s Financial Stability Review for 2020, the increase amounts to a growth of 15 percent over the previous year.

The BoG report attributed developments in corporate governance practices and stringent measures taken by insurance entities to meet the new minimum capital requirement for the strong results.

The Commissioner of Insurance of the National Insurance Commission (NIC), Dr. Justice Ofori, has underscored the need for ensuring sanity and protection on the country’s roads.

According to him, the onus does not only lie on vehicle owners, drivers and road users but it is also a core responsibility of the Police and Insurance entities.

Delivering a speech on the Commissioner’s behalf, the Acting Head of Supervision of the NIC, Mrs. Stella Jonah, during an orientation of National Service Personnel, Dr. Ofori noted, “ensuring sanity and protection on our roads are legally and mandatorily provided by two functions; the Police and insurance.”

The NIC Commissioner pointed that “globally, the practice and process of insurance is constantly changing, and in Ghana, innovation and digitization have contributed to this change.”

This is in line with the government’s digitization agenda that birthed the Motor Insurance Database (MID) which was implemented in January 2020.

“The objective of the MID is to curb the menace of vehicles with fake motor insurance stickers plying our roads, thus endangering lives and property. The Commission, in order to ensure effective implementation of the MID, relied heavily on the MTTD,” he disclosed.

“The conduct of random checks across the country, which were facilitated by the USSD short code *920*57# together with the use of GoTa phones have made the MID a roaring success and the Commission has the Police MTTD to thank, for its commitment to this national cause,” Dr. Ofori added.

On his part, the Director-General of the Police MTTD, DCOP Francis Aboagye Nyarko commended the NIC for its support towards the orientation and called on the National Service Personnel to be disciplined in the discharge of their duties as we approach the festive season.

He stated that “the MTTD as a law enforcement agency is poised to reduce the level of carnage and traffic congestion on our roads during the Christmas and new year celebrations.

The objective is to ensure that the yuletide is celebrated in sanity and serenity devoid of an upsurge in traffic crashes”.

“The course”, he said, “will instill in you the needed knowledge to help carry out the monumental task ahead”, he hinted the participants.
The 3-day orientation programme on insurance and other aspects of road traffic regulations is supported by the NIC and facilitated by the Ghana Insurance College (GIC).

The orientation is centred on the basic principles of insurance and the MID which is of utmost relevance to the personnel deployed to ensure motor traffic regulations and safety on our roads.

The Executive Director of the National Service Scheme (NSS), Osei Assibey Antwi, used the occasion to encourage the personnel to take advantage of the opportunity granted them to serve the country.

He further advised the participating service personnel to work hard as some stand the chance of being enlisted into the Police Service at the end of their stint.

This, he believed, would also contribute to reducing the rate of unemployment in the country. He cited the virtues of humility and time consciousness as factors that will make them excel in life.

The NSS Boss encouraged National Service Personnel posted across the country to acquaint and adapt themselves with the different beautiful cultures regardless of wherever they have been posted to serve.

In October 2020, the NIC launched and commenced the nationwide training of National Service Personnel posted to the MTTD.

This was further extended to cover other security agencies including the Ghana National Fire Service (GNFS) in the NIC’s insurance awareness creation drive.

The continuous training modules have the broad objective of creating insurance awareness and providing an avenue for all to develop an interest in a career in insurance.

The National Insurance Commission (NIC) has presented a cheque for GH¢250,000 to the Ghana National Fire Service (GNFS) towards the completion of a 3-storey forensic laboratory.

The laboratory, when completed will enable the Service to use scientific methods to determine the origin and clear causes of fire incidents for public safety.

Dr. Justice Ofori, Commissioner of Insurance, who made the presentation during a tour of the project, said the donation became necessary because GNFS needed an additional support to expedite the completion of the project after an initial donation of GHC300,000 from the Commission in July this year.

While the establishment of the forensic laboratory would assist the Fire Service in their fire investigative processes to establish the causes of fires in a reasonably short period, it would also help insurers to price fire risks prudently, Dr. Ofori indicated.

Fire insurance claims take relatively long time to administer because Fire Officers need to be able to tell the right causes of fire outbreaks.

The Commissioner of Insurance said the facility would strengthen the mutually beneficial relationship between the NIC, the insurance industry and GNFS.

He commended players in the insurance industry for contributing towards the project.

Mr. Julius Kuunor, the Acting Chief Fire Officer (CFO), who received the cheque, expressed gratitude to the Commission for its consistent and relentless support.

The presentation of the cheque for GH¢250,000 brings to a total, GH¢1,050,000 presented by the NIC to GNFS for the construction of the laboratory.

Officials of the National Insurance Commission (NIC), the Ghana Police Service and the Ghana National Fire Service have commenced series of sensitization and enforcement of the law to check the validity of fire insurance on commercial properties in parts of the Greater Accra Region.

The team move, is part of efforts by the NIC to ensure compliance with the requirements of Sections 218 and 219 of the new Insurance Act 2021 (Act 1061), which requires that all commercial properties are compulsorily insured.

Mr. Charles Ansong Dankyi, a Senior Manager at the NIC, told the GNA that the Insurance Act 1061 (2021) per Sections 218 and 219 makes it compulsory for business entities to insure their properties be they under construction or completed.

He advised business owners to be interested in taking care of themselves, third parties and their wares, since a burnt-up business premises could have several consequences on lives and livelihoods.

The compulsory property insurance is to provide financial protection against legal liabilities arising from accidents that cause property damage, bodily injury or death to members of the public.

Mr. Ansong said that apart from fire insurance that was covered, there remained other perils such as earthquake, flood, thunderstorm among others which were all covered under basic fire insurance.

The Task Force inspected a number of commercial buildings for their fire certificates within the Oyarifa and Ayi Mensah enclave.

The team observed that about 25 commercial buildings did not possess active insurance policies and have been served with letters to comply.

Owners of these commercial buildings, which were randomly inspected were however, sensitized to do the right thing in their own interest and in compliance with the law.

The Task Force will continue to visit the metropolitan and district business enclaves of the capital to intensify its sensitization and enforcement drive.

A renowned Cellular Pathologist, Professor Agyeman Badu Akosa has made a clarion call on the Bank of Ghana, financial institutions and other state bodies to voluntarily embark on regular blood donation exercises.

The call, according to the former Head of the Pathology Department of the University of Ghana Medical School, is necessary to help stock the blood banks across the country, which are fast running out of blood to save lives of people in need.

The former Director-General of the Ghana Health Service (GHS) was speaking as a Guest Speaker to climax the end of a nationwide blood donation exercise.

The exercise was embarked on by the insurance industry since it was launched on August 19, by the Commissioner of Insurance, Dr. Justice Ofori.

Prof. Akosa cited superstition as one of the challenges creating a lack of interest in voluntary blood donation and demystifying the fact that nothing bad happens to anyone who donated blood.

“The body has a capacity to regenerate itself and even in regenerating itself you would say that your body has given itself a booster during that period of regeneration,” he said.

August has been declared by the insurance industry as ‘Ghana insurance industry blood donation month’.

Prof. Akosa appealed to the central bank and the civil service to designate a month for their staff to donate blood.

“What if Dr. Addison came out to say that if the Insurance Commission has taken August, the banks will take April or March just a month preceding Easter and he as the Oga [sic] (Governor) of the banking service can then marshal the entire banking system including rural banks, including all the financial institutions, and my God, will that not help?”, he quizzed.

He suggested that the spirit of volunteerism should be inculcated in Senior High School students, especially for blood donation purposes.

He commended the NIC for the initiative and all regulated insurance entities for rallying behind the Commissioner to make the two-month-long campaign a success.

In his address, the Commissioner of Insurance, Dr. Justice Ofori stated, “this exercise which was under the auspices of the National Blood Service (NBS) couldn’t have come at a better time as the Covid-19 pandemic had taken a toll on gestures of this nature, leading to dwindling stocks while accident victims, pregnant women in labour cry out in need of blood to survive.

“I will, therefore, urge all corporate entities and state institutions and members of the public to take a cue from this campaign to save lives.

“In justifying the initiative, the Commissioner’s speech couldn’t have been complete without a quote from a famous Russian Author and multiple Nobel Peace Prize Nominee, Leo Tolstoy, “If you feel pain, you’re alive. If you feel other people’s pain, you’re a human being”.

Other speakers at the ceremony included the Chief Executive Officer of the National Blood Service, Dr. Justina Ansah who said the continuous and voluntary donation was critical to replenishing the blood banks.

She explained that the novel initiative by the NIC is a move in the right direction as she described blood as an un-manufacturable drug that can only be made available through voluntary donations.

Kokui Selormey-Hanson, a voluntary blood donation advocate who herself had her life saved through blood donation used the platform to encourage people to donate freely.

She indicated that blood cannot be sold though the processing comes at a cost and that should not be the reason for people not wanting to donate blood freely “for you would never know when it could be you or any close relation in need”, she admonished.

The insurance industry was largely represented by leaders of all industry bodies such as the Ghana Insurers Association (GIA), the Insurance Brokers Association of Ghana (IBAG), the Chartered Insurance Institute of Ghana (CIIG), and the West African Insurance Companies Association (WAICA).

The 2021 donation campaign which saw over 800 units of blood donated by the insurance industry employees was under the theme: ‘Donate blood, save a life; if you do it for someone, you do it for yourself’.

About 150 Chief Executive Officers in the insurance industry led by the Commissioner of Insurance, Dr. Justice Yaw Ofori has come together to launch a blood donation exercise.

The exercise, which is expected to be done annually, is to help stock the National Blood Service.

The blood donation followed an appeal by the National Blood Service to the National Insurance Commission (NIC) to help stock the blood bank.

Dr. Ofori said the blood donation by players in the Insurance industry would be done across the country and it is expected to end on October 14, 2021, under the hashtag “Donate blood, save a life; if you, do it for someone, you do it for yourself”.

He said without human lives, there would be no insurance, as businesses depended on lives for their insurance business.

“The blood bank approached us that they needed some blood because they were running out of stock so we decided to lead a campaign for the insurance industry to help stock it.

“What I am doing today will benefit someone, but if I should also need blood someday, someone’s own will also help me and that is why everyone must get involved,” he stated.

Dr. Ofori said the exercise would be replicated in all branches of the NIC across the country.

People who donated blood at the launch were staff of the NIC, Chartered Insurance Institute of Ghana, Ghana Insurers Association, Insurers Brokers of Ghana, Ghana Insurance College, among others

Dr. Dillys John Teye, Director of the Southern Zonal Area of the National Blood Services, commended the National Insurance Commission and urged people to emulate the gesture and donate blood voluntarily, saying, “there is always blood shortages at the blood bank.”

The National Insurance Commission imposed supervisory restrictions on RegencyNem Insurance Ltd. since 19th April, 2021 following some regulatory breaches which the firm has not been able to resolve. In line with the Commission’s mandate under the Insurance Act 2021 (Act 1061) to protect the interest of past, current and prospective customers of the company, it is hereby announced for the information of the general public that Ms. Dzidzorli Adzo Asafo has been appointed as the Statutory Manager of RegencyNem Insurance Ltd with effect from 12th August 2021, in accordance with Section 99 of the Insurance Act 2021(Act 1061).

In accordance with the Insurance Act 2021 (Act 1061) the Statutory Manager shall exercise the powers of the shareholders and directors, and shall have control of and manage the business, assets, liabilities and affairs of RegencyNem Insurance Ltd.

Issued by the Commissioner of Insurance
12th August, 2021