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16.12.2005 General News

National Insurance Commission honours 42

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Accra, Dec.16, GNA - The National Insurance Commission (NIC) on Thursday honoured 42 personalities for their contribution to the development of the insurance industry for the past 15 years. They included, Mr Justice Kingsley Nyinah and Mr E.G. Tanoh, former Board Chairmen, Dr George Sipa Yankey, former member of the Board and Mr Moses Darko and Mr S. Appiah-Ampofo former Commissioners, honoured with plaques for their meritorious and pioneering role in the commission. Thirteen former Board members, and 25 former and present staff were also rewarded for their contribution to the development of the insurance industry.

Speaking at the 15th Anniversary Award Dinner Dance in Accra, Lieutenant-General Joseph Henry Smith (Rtd) Board Chairman of NIC urged insurance companies to take advantage of the enabling environment created by the commission for business to thrive.

He said since the establishment of the NIC 15 years ago, it had put together strategies that had assisted the insurance industry.

Lt-Gen. Smith said strategies to strengthen the supervisory capacity of the insurance regulatory authority the NIC to increase public confidence in the business of insurance had been strengthened. He said the strategies sought to remove all forms of monopoly to enhance competition in the industry, remove restrictive investment requirements in the current Insurance Law to allow insurance companies match assets with liabilities, as well as improve the frequency of submission of returns from insurance companies to the NIC.

The NIC Board Chairman commended members of staff for their innovative, confidence and cooperation over the years and urged them to continue in future to enhance the image of the industry and enable it deliver full benefits to the insurance industry.

He reminded the staff of the crucial role played by the NIC in fledging insurance economies, and called on them to make the insurance industry truly protective of policyholders and also serve as a major source of investment capital needed to help propel development and growth in the country.

Ms Josephine Jennifer Amoah, Commissioner of the NIC, emphasised the need to promote effective conduct of business in the financial sector including the insurance market.

"There is the need to build the capacity of personnel to discharge their duties with efficiency because unhealthy practices affect the solvency of insurance companies and their ability to pay claims to policyholders," She added.

Ms Amoah said though the Insurance Regulator would be there to control the conduct of insurance business, it was important that practitioners collaborated to create a desirable competitive environment to engender growth.

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