Insurance companies in Ghana submit plans for recapitalisation in November

Insurance companies currently operating in Ghana have submitted their plans for recapitalisation.

Justice Yaw Ofori, is the Commissioner of the National Insurance Commission

This comes after the insurance commission increased the capital for insurance companies from GH¢15,000,000 to GH¢50 million.

The companies are expected to meet the requirement by November this year.

The Deputy Commissioner of Insurance of the National Insurance Commission (NIC), Michael Andoh while speaking in an interview on Thursday, September 19, 2019, noted that the companies have successfully submitted their respective initial recapitalisation plans to the National Insurance Commission.

He spoke on the sidelines of the 2019 Educational Conference and Annual General Meeting of the Chartered Insurance Institute of Ghana (CIIG) and noted that his outfit was currently analysing the plans of the insurance companies and would reply the companies in November.

"Yes, the plans have come in, and they are analysing them. The plan said that we would get back to the companies with our comments and our input by November, and we are on track to do that,” he said

Mr Andoh added that "All of them have submitted their plans, so we are reviewing them. I didn't say they all submitted plans that we are happy with, all of them have submitted something, and we are reviewing them, and we will get back to them".

He also stated that the NIC was hopeful that a new insurance bill which aims to address some issues in the industry will be presented to parliament before the end of the year.

"We are still at the Ministry level, it has to go to cabinet for approval and then from there it has to go to Parliament. We are hoping to deliver it to Parliament before the year ends. We are hoping that it will be passed before the end of next year, "he added.

Background

The commission increased the capital for insurance companies from GH¢15,000,000 to GH¢50 million.

For the Reinsurance companies, it was moved from Ghc40 million to Ghc125 million. That for Insurance Broking companies has also been increased from GH¢300,000 to GH¢500,000.

The companies have up to June 30, 2021, to recapitalise.

There are 142 regulated insurance firms made up of 24 life insurance companies, 3 reinsurance companies, 29 non-life insurance companies, and 85 insurance brokers, according to the NIC.

The total assets of the insurance sector as of 2018 is in excess of GH¢6 billion.

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