The Head of Supervision of the National Insurance Commission (NIC) has only 6 per cent of goods imported into the country is insured.
Seth Eshun was speaking on PM EXPRESS BUSINESS EDITION on the JoyNews channel on Multi TV on Thursday.
He said, “We are tightening the laws around the marine insurance. We are making it clear that any goods that come into Ghana need to be insured. Currently, we estimate that 6percent or 7percent of goods imported are insured.”
Mr Eshun added, “We’ve had a number of deliberations with the Ministry of Finance, CEPS and all this is in a bid to making it enforceable.”
New Insurance ACT
The National Insurance Commission is set to introduce a new insurance ACT to regulate the insurance industry.
According to Mr Eshun, “the change is going to be a repel of the Act and then we will introduce a new Act to it. The reason is that the number of changes that we are doing, it becomes more practical if we have a consistent Act.”
He said, “The key things that are going to be in there is that, there are certain things that we are currently operating with; we have what we call the claims management guidelines. That guideline says that when you submit all your documents to an insurance company and is a motor insurance business they need to pay you in five working days.”
Mr Eshun added, “So what we want to do is that we have issued those as guidelines to the insurance industry but we want them to have a greater force of law. So it will come through as directives for example. There are other directives that we have issued; we want them to have solid legal backing.”
According to Mr Esshun, the NIC is currently engaging all stakeholders in the sector to secure a strong legal framework for the industry.
Source: JoyBusiness | JAD