Pulse.com.gh logo
Go


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.

  • Published: , Refreshed:
National Insurance Commission play

National Insurance Commission

(National Insurance Commission)

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.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Ponzi schemes in Ghana These investments are Ponzi schemes in Ghana, so...bullet
2 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions public...bullet
3 Investment banks in Ghana Top 5 investment banks in Ghana and why...bullet
4 How to make money online Online jobs; how to make money on YouTube...bullet
5 Menzgold Ghana Investment company closes down its Gold Vault Marketbullet
6 Education Top 5 private high schools in Ghana according to WAECbullet
7 Salaries In 2018 Here are the dates public workers will be...bullet
8 Mutual funds in Ghana Top 5 mutual funds in Ghanabullet
9 Tax Hikes Majority to support tax increasebullet
10 BoG cancels acquisition of adb shares by Belstar & 3...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Money Alert Meet Africa's richest womanbullet
3 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
4 Tech 6 reasons you should buy an iPhone SE instead of any of the...bullet
5 Support Finance minister buys Kantanka carbullet
6 New Discovery Ghana discovers new mineral, lithium in...bullet
7 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
8 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
9 New Phone Nokia’s MWC 2018 event in 7 minutesbullet
10 New Phones Nokia MWC 2018 Event in 5 minutesbullet

Business