Insurance Chief Visits Kumasi
Lydia Bawa (middle), Mrs. Ocran, (3 rd from left) and Mr. Bediako, (2 nd from left) with staff members of Vanguard Assurance Company Limited
The Commissioner of Insurance, Lydia Lariba Bawa has visited Kumasi, the Ashanti regional capital, to learn about challenges of insurance branch offices in the metropolis.
She was accompanied by the Director of Legal Services of the Commission, Emma Araba Ocran and the Kumasi Area Manager, Evans Osei Bediako.
The team visited 24 Life and Non-Life companies and interacted with staff to learn about their challenges, especially those relating to compliance with the ‘No Premium No Cover’ (NPNC) directive issued by the National Insurance Commission (NIC).
All the companies lauded the NPNC and assured the Commission of their strict adherence to it.
The NPNC took effect on April 1, 2014 to ensure that no insurance company sells insurance on credit as was previously the case. This practice resulted in insurance companies accumulating huge premiums debts on their books.
The team also conducted investigation to ascertain whether the companies were complying with other NIC directives such as employing qualified staff with the requisite technical knowledge and skills to man branch offices.
They took the opportunity to settle complaints lodged at the Commission’s Area Office, offered awards to petitioners seeking compensation under Motor Compensation Fund and educated the public on insurance on some selected radio stations.
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