Ms Lydia Lariba Bawa, the Commissioner of Insurance, on Wednesday, announced which the National Insurance Commission (NIC) can be enforcing a risk-based solvency framework effective January 2016, to make sure consumer protection.
According to her the action could be to be sure that insurance providers keep adequate capital and produce technical provisions to meet up with their liabilities, and as well grow their service delivery.
Ms Bawa, made the announcement along at the opening in the third National Term life insurance conference which has been organised by way of the Ghana Insurers Association (GIA) in Accra, to thrust forward the lifespan insurance agenda for the national platform.
She said the NIC takes seriously, the condition of consumer protection and it has recently issued and published claims payment guidelines to help you claimants understand what you can expect in terms of making claims.
She said the NIC is implementing several reforms to raise the capability and efficiency of especially the life Insurance industry to experiment with its expected role throughout the market.
According to her, the NIC also operates a Complaints and settlement Bureau to pay for anyone effective avenues of redress because of their complaints, as well as Commission promises to scale up its public education in order to ensure that buyers of insurance products have reasonable expertise in these items they are buying and also get sound advice or the very best should they encounter problems.
Ms Bawa said the NIC would aim to do more in this direction, to hold trust, security and stability in the market, and further increase insurance penetration which currently can be quite low and stands well below two %.
The conference that was on the party theme: “Group Life cover: A relevant tool for income to safeguard a family, Industrial Harmony and socio-economic expansion of Ghana,” ended up being to highlight group life insurance coverage for a answer to some of Ghana’s economic mishaps, by ensuring sustainable income for workers when in trouble.
Ms Bawa described insurance as the most effective tool to soak up risk for people, groups and nations as one, yet still which it works as a foundation for economic stability and socio-economic growth.
She said the Ghanaian insurance marketplace is growing with huge potentials for expansion thus an urgent desire for policy makers to perceive insurance, especially group term life insurance, contained in the methods to stabilise Ghana’s economic challenges.
Mr Edward Forkuo Kyei, Second Vice chairman of the Ghana Insurers Association and Chairman with the Life insurance coverage Council, said the Ghanaian insurance publication rack an ever growing one with huge potential for expansion and thus an urgent requirement of policy makers to perceive insurance within the approaches to stabilise Ghana’s economic challenges.
He said if policy makers wish to protect the country’s companies, economic stability and growth, then group our life is where they need to focus attention on, while it affords the platforms with aggregated numbers and bulk premiums to be sure deeper penetration and density of term life insurance in Ghana.