Insurance Gist

Good things are happening in SIC, the nations biggest insurer

BusinessGhana

NEW INSURANCE LAW

The Insurance Bill, 2020 has received presidential assent, revealed outgoing chairman of the National Insurance Commission, Ray Ankrah.

The Bill had undergone a second reading in Parliament in December 2020.

The new insurance law replaces the Insurance Act of 2006, and ensures the industry is well regulated in accordance with the international framework and acceptable supervisory standards, reported Ghanaweb. Over the years, the National Insurance Commission, the finance committee of Parliament and other stakeholders have made various amendments which were incorporated into the Bill.

One thrust of the new law is to increase insurance pe*******on in Ghana which currently remains low.
The new law adds three compulsory insurance covers, namely, Public Liability, Group life for employees and Professional Indemnity. Currently, insurance companies underwrite two compulsory insurance covers: Motor Third-Party Liability and Fire (for private commercial properties).

The new law also seeks to mandate insurance companies to meet corporate governance standards and comply with best practices aimed at protecting the premiums or funds paid in by customers.

Story is credited to MEIR

In the coming months, this page will be looking into details at some aspects of the new Law for our followers to have a better understanding of what to expect when applying for insurance.
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