NIC spends over C4bn on insurance claims

Accra, Nov. 9, GNA - The National Insurance Commission (NIC) has since 1996 spent more than four billion cedis as insurance compensations to 1,199 persons, who suffered injury or death through motor accident and were unable to obtain claims from an insurance company. Ms Josephine Jennifer Amoah, NIC Commissioner, who stated this on Wednesday at the 15th anniversary celebration of the Commission in Accra, said those who had benefited included people injured or families of those killed by uninsured vehicles or hit-and-run drivers. She said close to 1,200 complaints from the public against insurance companies and brokers were also settled.

The anniversary on the general theme: "Improving Confidence in the Financial Sector Through Effective Insurance Supervision," was to create awareness about the mandate of the Commission, establish good rapport among its publics and educate the public about the importance of insurance.

Ms Amoah said the Commission had instituted a reformative mechanism to enhance public confidence in the industry. This included on-site-inspection and off-site analysis, Compensation Fund, Complaints and Settlement Bureau, new motor insurance policy evaluation of reinsurance programme and the establishment of standard credit guidelines.

She said the existing insurance law had been reviewed to incorporate the International Association of Insurance Supervisors Core Principles of Insurance supervision. Professor Stephen Adei, Rector of Ghana Institute of Management and Public Administration, spoke on "From Success to Significance," and urged people to build a legacy that would last.