The Commissioner of the National Insurance Commission, Dr. Justice Yaw Ofori, is calling for continuous effective collaboration with the Ghana Police Service to ensure sanity in the Motor Insurance sector.
Dr. Justice Yaw Ofori noted that the National Insurance Commission will continue to collaborate with the police to serve the needs of Ghanaians and also ensure sanity in the system, especially by reducing fake motor insurance.
Dr. Ofori gave the assurance when he donated boxes of reflectors and body bags to the Bono Regional Police Command in Sunyani.
“The purpose of this visit is to cement our relationship with the police. As you know when it comes to motor insurance, without the police the insurance people cannot sell to the public because they help the insurance company to actually get the products out there else, we will have a lot of fake insurance in the system. Working together with the police has existed over the years, and we came by to cement the relationship by donating some reflector vests and body bags to the police.”
The NIC was established by the Insurance Act, 2021 (Act 1061), which repealed Act,2006 (Act 724) and replaced Insurance Law, 1989 (P.N.D.C.L. 227).
Its object is to ensure effective administration, supervision, regulation, monitoring and control of the business of insurance, to protect insurance policyholders and the insurance industry.
As of now, the NIC has under its supervision 27 non-life insurance companies, 22 life insurance companies, 3 reinsurance companies, 5 reinsurance brokers, 3 loss adjusters, 100 insurance broking companies and about 12,500 insurance agents.
Dr. Ofori noted the NIC is committed to ensuring insurance companies survive in the country.
“The NIC, among other things, is committed to ensuring that Insurance Companies operating in the Ghanaian Market survive, are financially sound and honour their obligations towards policyholders. The NIC’s ultimate objective is to establish an efficient, fair, safe and stable Insurance Market, which promotes healthy competition and growth in the interest of policyholders for the benefit of all. “
The Bono Regional Police Commander, DCOP Mr. Joseph Gyamera Oklu received the items on behalf of the command.
