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31.08.2004 Business & Finance

NIC educates public on Compensation Fund

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Tamale, Aug 31, GNA - The National Insurance Commission (NIC) has embarked on public education in northern Ghana on the existence of the Compensation Fund that the Commission has established.

The fund is to cater for persons who suffer injuries or death through motor accident and are unable to obtain compensation from an insurance company.

Mr Gordon Wiru, Legal Officer of the Commission, said this at a meeting with the Ghana Private Road Transport Union (GPRTU), Progressive Transport Owners' Association (PROTOA) and the public in the Tamale Metropolis.

He said the fund was also to promote public education on motor insurance and insurance business in particular.

Mr Wiru said the fund was a last resort and advised the public not to take advantage of it and fail to insure their vehicles. He warned vehicle owners to be careful in their dealings with people who throng the lorry stations and pose as insurance brokers because some of them are frauds.

Mr Wiru said it had come to the notice of the NIC that some people were round lorry stations to persuade vehicle owners to register for insurance at very reduced prices.

He called on any group or individuals who had been injured through motor accident after 1996 when the fund was established and had not had compensation to apply through the complaints and settlements bureau of the NIC for assistance.

The fund also takes care of hit and run vehicle victims and bankrupt insurance companies that insured the accident vehicle.