Finance Minister inaugurates NIC Board

Finance Minister inaugurates NIC Board

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.