NIC issues 272,000 electronic stickers under Motor Insurance Database policy

Deputy Commissioner at the National Insurance Commission (NIC) has said over 272,000 stickers have been issued electronically following the implementation of the Motor Insurance Database (MID) policy.

This follows an initial 78,000 newly insured stickers issued as of February 17, 2020 since the insurance regulator introduced and implemented the MID policy on January 20, 2020.

Michael Kofi Andoh, speaking an interview said; “So far, the Motor Insurance database is doing quite well, and I think we have issued about 272,000 stickers on new policies. So, it is doing well; and I think it has been a good and timely intervention for motor insurance,”

“The feedback we have had from the non-life insurance company so far is that it has been very useful especially during the lock-down. This is because insurance companies would sell motor insurance policy without going to their offices or they could do all that and issue their stickers on the motor insurance database. So, it has been a very big positive for the business continuity aspect of the non-life insurance company during the lock-down,” he added.

The NIC says the introduction of the electronic database has ensured business continuity measures mainly during the three week partial lockdown in the wake of the Coronavirus outbreak in Ghana.

On January 20, 2020 the NIC issued a directive to all insurance companies to cancel the issuance of manual stickers until they signed up to the new Motor Insurance Database. (MID)

The move by the commission was to get rid of fake motor insurance stickers that were plying the roads and ensure the safety of lives and property.

Commissioner for Insurance, Justice Yaw Ofori, had earlier disclosed that insurance companies in the country are losing approximately GH¢390 million of gross revenue annually to fraudsters who issue fake insurance stickers to unsuspecting vehicle owners.