NIC poised to restore confidence in Ghana's insurance sector

National Insurance Commission The National Insurance Commission (NIC)

Sun, 16 Jan 2022 Source: GNA

The National Insurance Commission (NIC) has called on the general public not to hesitate to report challenges and questionable actions of insurance companies to them for the necessary action to be taken.

Justice Peprah Agyei, Western Regional Area Manager of the NIC who made the call said the NIC existed to ensure effective administration, supervision, regulation, monitoring, and control of the business of insurance to protect insurance policy holders and the insurance industry.

Speaking in an interview with the Ghana News Agency (GNA), Agyei noted how people were fed up with insurance due to some bad experiences with companies.

He urged the public to have confidence in the sector saying, the NIC was well reformed to safeguard the funds of the insuring public.

He expressed the resolve of the Commission to restore confidence in the general public about the good things the insurance sector offered to its patrons.

Agyei, however, lamented about the situation where people did not take their time to read the policy booklets that were given to them to understand the terms and conditions better before going ahead to subscribe to the policy.

He, therefore, pleaded with the public to make all efforts to understand what they wanted to insure, know where they wanted to do business, and have the time to visit the offices of the insurance companies to share their problems.

He urged the public to make necessary inquiries and know what they wanted to insure against.

They must also know the amount they wanted to put in to determine how much they stood to gain, understand the warranty, terms and conditions of the policy or product and be more conscious of themselves before choosing any insurance policy.

Agyei said NIC was mandated to approve rates of insurance premiums and commissions, provide a bureau for the resolution of complaints and arbitrate insurance claims when disputes arise.

Additionally, it performed a wide spectrum of functions, including licensing of entities, setting of standards, and facilitating the setting of codes for practitioners with other responsibilities.

Other functions of the Commission include, enforcing compliance in the insurance market of regulatory requirements on anti-money laundering and countering the financing of terrorism, promoting public awareness and undertaking public education on insurance, and cooperating with and providing assistance to law enforcement authorities as well as national and international regulatory authorities.

Agyei added that where appropriate, the Commission approves minimum rates of premiums in respect of any class or sub-class of insurance business and maximum rates of Commission in respect of any class or sub-class of insurance.

Source: GNA