Insurance Commissioner warns brokers

Insurance Commissioner Lydia Lariba Bawa has hinted that her outfit would not provide insurance cover for policy holders who fail to pay their premium in the near future as it pertains in Nigeria.

The Insurance commissioner made this known when Simon Nero Davor, Deputy Insurance Commissioner, introduced her to members of the Ghana Insurance Brokers Association in Accra recently.

She said the move would address issues relating to credit management which deserve urgent attention.

She announced that she would develop and build capacity in the country’s insurance brokerage industry.

Ms Bawa added that she intends to convene a roundtable meeting to engage insurers and brokers and deliberate on various aspects of the new insurance bill, which has been forwarded to her office for further consideration before it goes back to the Attorney General’s office.

Ms. Bawa entreated insurance brokers to be professional in their conduct and ensure that their activities benefit members of the general public.

She also encouraged them to update and keep accurate records, noting that the lack of proper record keeping adversely affects the insurance brokerage industry.

Premium undercutting is detrimental to insurance underwriters, brokers and policy holders, she indicated.

Ms. Bawa advised member companies of GIBA to ensure the proper training of their staff to enable them maintain the highest professional standards.

In a remark, Rev. Asante Marfo Ahenkora, president of GIBA, assured the commissioner of the support of his members and stated that they would cooperate with the Ghana Insurers Association to ensure the proper collection of premiums.

He said some companies operate as brokers without licences and suggested the inclusion of GIBA in the vetting of companies that seek licenses to operate because members would be in a better position to carry out due diligence on such companies.

He also called for amicable resolution of professional conflict between members of GIBA and GIA