New insurance law would be passed this year – NIC
The National Insurance Commission, NIC has hinted the new Insurance Law will be passed before the end of this year.
The law which was introduced some 5 years ago is currently under review to mainly incorporate micro-insurance.
This is part of moves to boost insurance patronage in the country. Another major feature is the requirement for insurance firms to recapitalize to the tune of 5miilion cedis by the end of this year.
Insurance Commissioner, Nyamekeh Kyiamah told JOY BUSINESS “Generally it would improve the way the insurance companies operate and we believe it will bring more development into the insurance industry. There are measures in it that would enhance customer needs and satisfcation."
Story by Emmanuel Agyei / Nana Essuman