A total premium of $5,000 was paid by SIC Insurance to support the medical students with a sum insured of €30,000 per student.

Presenting the package to the medical students, the Acting Managing Director, Mr. Faris Attrickie, said education and health are priority areas for the company’s CSR activities. Adding that the gesture shows SIC Insurance’s commitment to help build the capacity of the nation’s medical practitioners.

He further added that training our young medical students must be paramount on the nation’s health care agenda and regardless of where the students study abroad, evidence have shown that the exposure is usually a defining moment in a young medical person’s life and continues to impact the participant’s life for years after the experience.

Mr. Attrickie challenged the medical student to use the opportunity as a catalyst to sharpen their maturity, empathy, support skills, and to gain related work experience that will equip them with the tools and on-the-job training needed to serve mother Ghana.

Speaking on behalf of the medical students, Mr. Asabere Kwabena Asante, the President of the University of Ghana Medical Students Association in the company of Ms. Efua Bridget Martin, the General Secretary and Mr. Aggrey Prince Amoabeng, the Organising Secretary, thanked SIC Insurance for the kind gesture.

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Source: NIC Insurance

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We acknowledge that, the publication, in which supposed workers of the NIC made allegations of fraud and mismanagement against the Commissioner of the NIC, Lydia Lariba Bawa, are completely untrue, and cannot be proven.

The supposed unidentified workers’ allegations, which also affected some insurance companies such as ESICH Life and SIC, are also unfounded.

We therefore unreservedly apologize to the NIC Head and the companies named in the publication for any embarrassment the publication may have caused.

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By: citifmonline.com/Ghana

The post Retraction: NIC workers want director fired for mismanagement appeared first on Citi 97.3 FM - Relevant Radio. Always.

The companies are the General Auto Zone Company and Ghana Heavy Duty Truck and Spare Parts, which were detained at the Police Headquarters for the necessary action.

They were among 70 companies who were cautioned two weeks ago by the NIC to insure their property or face the full rigours of the law.

The Task-force, made up of officials from the NIC, Ghana Police Service and the Ghana National Fire Service, inspected the companies to ensure the compliance of the Insurance Law, Act 724 of 2006.

Out of the nine privately owned companies inspected, only the two did not have the fire insurance certificates, in spite of several notifications by the NIC to have them insured.

The Insurance Law makes it compulsory for all commercial buildings, either under construction or completed, to have an insurance certificate.

Compulsory insurance was designed to cover the legal liabilities of owners or occupiers of commercial buildings or vehicles in respect of bodily injury to users and third parties, loss of life or death suffered by users and third parties, and damage to property belonging to users and members of the public.

Interacting with the media after the exercise, Joseph Bentor, the Chairman of the Task-force, said the exercise formed part of the move to enforce Sections 183 and 184 of the Insurance Act.

He said the NIC did a visibility study and identified that 40 private entities in the Metropolis out of 67, had not complied with the directives.

Mr. Bentor said there had been sufficient public education on the need for privately-owned commercial property owners to insure their property against fire, flood, collapse and any other risk since 2007, and expressed worry about the reluctance of some companies to comply.

He said although the law exempted churches and government institutions from such mandatory insurance, they must also insure their premises to ensure the safety of all.

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Source: GNA

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The companies; Regency Alliance Insurance and NEM Insurance Ghana Limited, have pulled resources together in a bid to meet the new capital requirement for insurance companies.

Under the recapitalization, direct insurance companies are expected to increase their capital to 15 million cedis while Re-Insurance companies are to recapitalize to 40 million cedis.

About 43 companies have so far met the requirement with eight others undertaking various strategies to avert a revocation of their licenses.

Speaking at the official launch of the merger, the Commissioner at the National Insurance Commission, Lydia Lariba Bawa said the move will propel the companies to undertake large risk ventures.

“For our market, there are over 50 companies and we think that is too much for the industry considering the fact that there are even more applications for licenses. We are looking at having a smaller number who possess stronger capacities. So if the companies should come together, they should be able to increase their capacities so they can be able to absorb major risks,” she observed.

For his part, the Managing Director of Regency Nem Insurance, Bode Oseni reiterated the need for insurance companies to re-strategise to increase their capacities and undertake large risk ventures.

According to him, the convergence should culminate in delivering new standards for excellence in the insurance industry.

“I think it’s the right way to go and we are proud of the convergence; we are also satisfied over the fact that it is the first time that local insurance companies are coming together. We would like to work to make the coming together a good success,” Mr. Oseni stressed.

NIC extends recapitalization deadline to end of year

Meanwhile Madam Lariba Bawa has disclosed to Citi Business News the initial September 30^th deadline for all insurance companies to review their minimum capital would be extended to the end of the year. According to her, the decision is influenced by the commitment shown by some of the companies to work to meet the new requirement by the Commission.

“We are not in a hurry to liquidate companies because nobody wins in the end so that is why we are giving them more opportunities. It is after the end of year that we will be compelled not to grant any concessions,” the NIC boss stated.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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