{"id":641532,"date":"2019-06-20T18:28:15","date_gmt":"2019-06-20T18:28:15","guid":{"rendered":"<br><div>\n<figure class=\"fff post-thumbnail\" itemprop=\"associatedMedia\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><img class=\"post_layout_5_img\" src=\"https:\/\/cdn.ghana-mma.com\/2019\/06\/national-insurance-commission.jpg\" alt=\"Insurance companies"},"modified":"2019-06-20T18:28:15","modified_gmt":"2019-06-20T18:28:15","slug":"insurance-companies-minimum-capital-requirement-increased-by-over-300","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/06\/20\/insurance-companies-minimum-capital-requirement-increased-by-over-300\/","title":{"rendered":"Insurance companies&#8217; minimum capital requirement increased by over 300%"},"content":{"rendered":"<p><\/p>\n<div>\n<figure class=\"fff post-thumbnail\" itemprop=\"associatedMedia\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><img decoding=\"async\" class=\"post_layout_5_img\" src=\"https:\/\/cdn.ghanamma.com\/2019\/06\/national-insurance-commission.jpg\" alt=\"Insurance companies\u2019 minimum capital requirement increased by over 300%\"\/><\/figure>\n<p>The National Insurance Commission (NIC) has increased the minimum capital requirement of insurance companies by over 300 percent.<\/p>\n<p>A statement issued by the commission said the increment comes after series of consultations with stakeholders since 2017.<\/p>\n<p>It said it also considered the developments within the financial landscape over the period.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/eGDvIAmat0I\" width=\"853\" height=\"480\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><br \/>For Life and Non-life insurance companies, the minimum capital requirement has been increased from GH\u00a215 million to GH\u00a2 50 million.<\/p>\n<p>For reinsurance companies, the minimum capital requirement has been increased from GH\u00a2 40 million to GH\u00a2125million.<\/p>\n<p>For insurance broking companies and loss adjusters, the minimum capital requirement has been increased from GH\u00a2300 million to GH\u00a2500 million.<\/p>\n<p>The minimum capital requirement for reinsurance broking companies has however been maintained at GH\u00a2 1 million.<\/p>\n<p>The affected institutions have been given up to June 30, 2021, to meet the new requirements.<\/p>\n<p>The National Insurance Commission said the affected institutions are expected to submit their initial recapitalization plan by August 31, 2019, but \u201cinjection of property will not be accepted.\u201d<\/p>\n<blockquote>\n<p>\u201cAny unencumbered property that is introduced will have to be sold for cash by at least six months before the capitalization date,\u201d the Commission said.<\/p>\n<\/blockquote>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/_ZvfCY1YkyU\" width=\"654\" height=\"480\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>While giving assurances that it is doing its best to protect the interest of insurance policyholders by ensuring a strong industry, the National Insurance Commission said: \u201cthe new MCR [Minimum Capital Requirement] is one of the initiatives the Commission is taking to achieve this.\u201d<\/p>\n<blockquote>\n<p>\u201cThe Commission will work with all industry players and provide the needed assistance to help the industry meet the new MCR,\u201d the statement said.<\/p>\n<\/blockquote>\n<p><strong>Banking sector minimum capital requirement<\/strong><\/p>\n<p>A similar increment in the minimum capital requirement for banks in the country shook the banking industry, forcing some banks to merge while others had their licenses revoked.<\/p>\n<p><span class=\"ctx-article-root\"\/>  <\/p>\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>The National Insurance Commission (NIC) has increased the minimum capital requirement of insurance companies by over 300 percent. A statement issued by the commission said the increment comes after series of consultations with stakeholders since 2017. It said it also considered the developments within the financial landscape over the period. For Life and Non-life insurance [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":641534,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-641532","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Insurance companies&#039; minimum capital requirement increased by over 300% - 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\/2019\/06\/20\/insurance-companies-minimum-capital-requirement-increased-by-over-300\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Insurance companies&#039; minimum capital requirement increased by over 300% - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"The National Insurance Commission (NIC) has increased the minimum capital requirement of insurance companies by over 300 percent. 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