{"id":448414,"date":"2017-12-19T19:05:56","date_gmt":"2017-12-19T19:05:56","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/12\/19\/new-capital-requirement-for-insurance-companies-to-be-pegged-at-%c2%a250m\/"},"modified":"2017-12-19T19:05:56","modified_gmt":"2017-12-19T19:05:56","slug":"new-capital-requirement-for-insurance-companies-to-be-pegged-at-%c2%a250m","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/12\/19\/new-capital-requirement-for-insurance-companies-to-be-pegged-at-%c2%a250m\/","title":{"rendered":"New capital requirement for insurance companies to be pegged at \u00a250m"},"content":{"rendered":"<p><\/p>\n<div id=\"medsection1\">\n<!-- End of html generated by this->header() --><\/p>\n<p class=\"floatLeft\">Business News of Tuesday, 19 December 2017<\/p>\n<p class=\"floatRight\"><strong>Source: <\/strong>Myjoyonline.com <\/p>\n<p>2017-12-19<\/p>\n<div class=\"article-left\">\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/12\/50317079.jpg\" alt=\"Insurance Agents\" title=\"Insurance Agents\" width=\"272\" height=\"185\" \/><span class=\"image_caption\"><span>File photo<\/span><\/span><\/p>\n<div class=\"noPrint\">\n<div id=\"537626303\" style=\"width:300;height:250;margin:0;padding:0\">\n<p>\t\t  <noscript><iframe loading=\"lazy\" id=\"b2ad7fa7fd\" name=\"b2ad7fa7fd\" src=\"http:\/\/ghanaweb-d.openx.net\/w\/1.0\/afr?auid=537626303&amp;cb=151125813973067\" frameborder=\"0\" scrolling=\"no\" width=\"300\" height=\"250\"><a href=\"\/\/ghanaweb-d.openx.net\/w\/1.0\/rc?cs=b2ad7fa7fd&amp;cb=151125813973067\"><\/p>\n<p>\t\t  <img decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/12\/1513710356_315_ai\" border=\"0\" alt=\"\" \/><\/a><\/iframe><\/noscript><\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"clear:right\"> The new capital requirement for insurance companies is likely to be pegged at GH\u00a250 million. This is according to the Commissioner of Insurance, Justice Yaw Ofori.<\/p>\n<p>Insurance companies are currently required to have GH\u00a215 million before they can do business in the country.<\/p>\n<p>The proposed increments according to the regulator have been influenced by current developments in the economy and it is also to help insurance companies to absorb industry risk.<\/p>\n<p>The National Insurance Commission is considering second quarter of next year as the possible implementation date.<\/p>\n<p>Speaking to JoyBusiness after the maiden NIC Chairman\u2019s cocktail with insurance companies, Mr. Ofori however said this would happen after discussions with all the players.<\/p>\n<p><b>Non-Payment of Claims<\/b><\/p>\n<p>As part of measures to boost confidence in the insurance sector, the National Insurance Commission has pledged its commitment to crack the whip on insurance companies which fail to pay claims.<\/p>\n<p>Failure on the part of some insurance companies to pay claims is one of the major reasons some individuals are not motivated to purchase insurance products.<\/p>\n<p>Board Chairman of the National Insurance Commission, Ray Ankrah said his outfit would ensure that claims are not only paid but paid promptly.<\/p>\n<p>He said, \u201cWe will weed out bad nuts, those insurance companies who are not doing the right thing, you are on notice. The National Insurance Commission would not hesitate to crack the whip when we find out that where we find that companies are not doing the right thing and are not complying with the rules.\u201d<\/p>\n<p>He said, \u201c for those insurance companies who do not pay claims, who do not do the right thing, we are serving you notice now because we are coming up to you, we\u2019ll make sure that you do the right thing and if you do not do the right thing, you must as well get out of the industry.\u201d<\/p>\n<p><b>Micro and Agric Insurance<\/b><\/p>\n<p>Mr Ofori said plans to provide insurance for farmers and financiers of agriculture and as well promote access to insurance for the under-served and the low-income earner.<\/p>\n<p>He said, \u201cA very effective way to increase penetration in Ghana is through inclusive insurance promoting. We therefore ask the insurance industry to commit time and money to researching and creating useful and affordable insurance products aimed at the right market.\u201d<\/p>\n<p>The Commissioner said, \u201cIn Ghana, about 70% of the population is directly or indirectly involved with agriculture. Majority of these people depend on natural elements, which we all know is highly unpredictable. He says, \u201cCrop insurance and weather index insurance are therefore goldmines that the insurance industry can take advantage of.\u201d<\/p>\n<p>The Commission is looking at collaborating with the Ministry of Food and Agriculture, the Ministry of Environment, Science and Technological Innovation and NADMO in this endeavor.<\/p>\n<p><b>Insurance App<\/b><\/p>\n<p>Mr. Ofori adds that the commission is also working on a database to check insured vehicles in circulation. He says \u201cthere will be checks put in place to provide assurance to the public through a Motor database which will be accessible via a mobile phone, to curb fake insurance.\u201d He added that \u201cthe input of the DVLA and the MTTD will be solicited, since their involvement is key to its success.\u201d<\/p>\n<p><b>New Insurance Act<\/b><\/p>\n<p>Meanwhile, Deputy Finance Minister, Charles Adu-Boahen, urges the insurance commission to work with the ministry to develop a new Act next year to strengthen the insurance sector.<\/p>\n<p>Mr Adu-Boahen said, \u201cI expect the NIC to work with the Ministry of Finance in 2018 to pass a new Act.\u201d<\/p>\n<p>He said, \u201cThe Act should adequately address minimum capital needs, risk-based capital needs, corporate governance, consumer protection and transparency.<\/p>\n<p>He added, \u201cThe Act when passed should provide the needed legal environment for the implementation of the best regulatory practices to ensure a safe and sound insurance market that is able to support the government\u2019s economic transformation agenda.\u201d<\/p>\n<p><!-- uploaded by: 62 updated by: 62 --><\/p>\n<p><!-- Start of html generated by this->footer() -->\n<\/div>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a style=\"display:none\" rel=\"follow\" href=\"http:\/\/megatheme.ir\/\" title=\"\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633\">\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business News of Tuesday, 19 December 2017 Source: Myjoyonline.com 2017-12-19 File photo The new capital requirement for insurance companies is likely to be pegged at GH\u00a250 million. This is according to the Commissioner of Insurance, Justice Yaw Ofori. Insurance companies are currently required to have GH\u00a215 million before they can do business in the country. [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":448368,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-448414","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New capital requirement for insurance companies to be pegged at \u00a250m - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/12\/19\/new-capital-requirement-for-insurance-companies-to-be-pegged-at-\u00a250m\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"New capital requirement for insurance companies to be pegged at \u00a250m - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Business News of Tuesday, 19 December 2017 Source: Myjoyonline.com 2017-12-19 File photo The new capital requirement for insurance companies is likely to be pegged at GH\u00a250 million. 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