National Insurance Commission 10 local insurance companies to lose license

The National Insurance Commission has set a deadline of September, 30, 2016 for the remaining insurance companies to recapitalize.

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National Insurance Commission play

National Insurance Commission

(National Insurance Commission)
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Some local insurance companies may lose their licenses if are unable to meet the National Insurance Commission’s new capital requirement.

Eight local insurance companies who run the risk of losing their license, while 10 out of the 46 insurance companies operating in the country are yet to meet the recapitalisation requirements.

The National Insurance Commission has set a deadline of September, 30, 2016 for the remaining insurance companies to recapitalize.

READ MORE:Ghanaian Interest 95% of oil businesses insured overseas- NIC boss

Deputy Commissioner at the National Insurance Commission, Simon Nerro Davor says the commission will not hesitate to revoke the license of the companies should they fail to meet the recapitalization requirements.

“As at now we are of the view that any insurance company who is not able to meet the minimum requirement which was issued in our solvency framework last year by the end of the third quarter of this year, we will have to take action against.

"Everything we do is according to the dictates of the insurance law. The insurance law is so clear that if you are not able to meet the minimum capitalization requirement then meaning a certain regulatory actions has to be taken against you," he said in interview with Accra-based Citi Fm.

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