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The newly-appointed Chief Executive Officer (CEO) of National Insurance Commission (NIC), Justice Yaw Ofori, has called on insurance service providers to adopt ethical practices in order to build confidence in the industry.
“The NIC, in its bid to restore public confidence in the industry, will not hesitate to sanction industry players, including brokerage firms found engaging in unethical practices and issues of undercutting,” he remarked.
The Commissioner, who spoke at the launch of the Loyalty Insurance Company Limited at the Ghana Shippers House in Accra recently, indicated that professionalism in the industry would deepen the insurance penetration in the market.
Mr Ofori, who congratulated the management of Loyalty Insurance Company limited, called on industry players to adhere to corporate governance and risk management framework which was introduced in 2015.
“All stakeholders in the industry have a role to play to reverse the low confidence the public have in the industry,” he mentioned.
Mr. Yaw Ofori further appealed to insurers to implement the Claims Management guidelines issued by the NIC.
The Commissioner further called on the Board of Directors not to interfere in the running of the company.
He also called on insurers to actively pursue re-capitalization so that they can do business beyond the shores of Ghana.
Rev. Dr. Kwaku Frimpong, Group Chairman of FRIMPS Oil Company Limited, indicated that Loyalty Insurance Company is a wholly Ghanaian company incorporated as a private limited liability company under the Companies Act,1963 Act,2006 (Act 2006) to underwrite non life insurance business.
He disclosed that the new Insurance company is owned by FRIMPS Oil Company Limited and MIC Group, which have long-standing track record.
Rev. Dr. Frimpong said that his insurance company provides a number of insurance products and Risk Management Solutions, adding that the company provides support to the National Blood Bank as part of its corporate social responsibility.
By Solomon Ofori