Ghana’s Insurance Commission closes down one ZETA Insurance Brokers for operating illegally

The National Insurance Commission (NIC) has shut down an insurance company christened ZETA Insurance Brokers for illegally operating in the country.

Justice Yaw Ofori, Commissioner of National Insurance Commission

According to the commission, the company has been operating for the past five years in Accra illegally.

The Commissioner of Insurance, Justice Yaw Ofori who disclosed the information while addressing the media on Thursday, October 17, 2019, noted that the Police are currently investigating the matter.

“We did our investigation based on the hard work of our Special Investigation Unit and those involved have been referred to the Police and I believe the Police have actually started with their investigation and eventually will prosecute them," he said.

He added that under the Insurance Act, 2006, Act 724, it is an offence for a company to engage in the business of insurance with an unlicensed intermediary or broker, hence, the insurance companies involved have been sanctioned.

Mr Ofori further noted that “With respect to the insurance companies that were doing business with them, they have been sanctioned and given fines.”

The NIC has therefore urged the general public to desist from doing any form of businesses and services with the ZETA Insurance Brokers since their operation is not recognized by law.

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