ONLY six per cent of the GH¢23.7 billion goods imported into the country last year (2021) were properly insured under the Insurance Act, 2006 (Act 724). This means that GH¢22.3 billion representing 94 per cent of the imports were either not insured at all or were insured by foreign firms, a practice which is against […]
Tag: NIC
Police, NIC impound 103 uninsured vehicles
The National Insurance Commission (NIC) in collaboration with the Motor Traffic and Transport Department (MTTD) of the Nkawkaw Divisional Police have impounded 103 vehicles without insurance. This was during a three-day exercise from Tuesday to Thursday as part of their usual quarterly exercise to clamp down on vehicles without insurance. The Police team was led […]
New minimum capital for insurance companies is GH₵50m – NIC
The National Insurance Commission (NIC) has increased the minimum capital requirement for insurance companies in the country from the current GH₵15 million to GH₵50 million. According to a statement from the NIC, insurance companies have up until June 30, 2021 to meet the new minimum capital requirement. The minimum capital requirement for reinsurance companies will […]