Business News Wed, 22 Jan 2020

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NIC cancels issuance of manual insurance stickers

The National Insurance Commission, NIC has canceled the issuance of manual motor insurance stickers in the country.

NIC in a letter signed by Commissioner of Insurance, Justice Yaw Ofori directed all insurance companies which provide motor insurance to end the issuance of manual insurance stickers.

The companies stated that insurance and brokerage firms are to sign onto the NIC motor insurance database or risk facing sanctions.

Part of the letter read on Joy FM said, "This comes to remind you that with effect from today, January 20, 2019, all motor insurance policies will have to be captured in the MID (portal of the NIC).

Given that the current manual stickers are no longer legal with effect from today companies can only use the MID portal for their motor insurance business with immediate effect.

Flaunting this directive will be considered illegal and the commission will apply the fullest sanctions, to that effect all non-life insurance companies are directed to return all unused manual stickers in their possession to the NIC before the close of day which is Friday, January 24 for a refund.

The NIC will issue a press statement to inform the public accordingly."

Source: primenewsghana.com

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