{"id":9959,"date":"2014-03-31T11:18:29","date_gmt":"2014-03-31T11:18:29","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=9959"},"modified":"2014-03-31T11:19:14","modified_gmt":"2014-03-31T11:19:14","slug":"last-day-for-no-premium-no-cover-policy","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/03\/last-day-for-no-premium-no-cover-policy\/","title":{"rendered":"Last day for no premium, no cover policy"},"content":{"rendered":"<figure id=\"attachment_9962\" aria-describedby=\"caption-attachment-9962\" style=\"width: 268px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2014\/03\/BAWA-INSURANCE1.jpg\"><img loading=\"lazy\" class=\"size-full wp-image-9962\" alt=\"Lydia Bawa,  Commissioner of the National Insurance Commission\" src=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2014\/03\/BAWA-INSURANCE1.jpg\" width=\"268\" height=\"188\" \/><\/a><figcaption id=\"caption-attachment-9962\" class=\"wp-caption-text\">Lydia Bawa, Commissioner of the National Insurance Commission<\/figcaption><\/figure>\n<p>Today marks the last day before the closure of the window for insurance to be taken on credit.<\/p>\n<p>This follows the full implementation of the No Premium, No cover policy that will kick start tomorrow,\u00a0April 1, 2014.<\/p>\n<p>From\u00a0tomorrow, no insurance company will be able to provide insurance cover to anyone who does not make an upfront payment.<\/p>\n<p>The directive comes on the back of concerns raised by some stakeholders of how some huge amounts of underwritten cover have to be written off their books because clients have failed to pay for them.<\/p>\n<p>Commissioner of the National Insurance Commission, Lydia Bawa tells <b>Citi Business News<\/b> the policy will also significantly enhance confidence in the insurance industry as her outfit will no longer take excuses for failure of insurance companies to pay claims.<\/p>\n<p>\u201cPolicy holders owe the insurance companies to the tune of about GHS 130million. You know, insurance is not like banking- we pay claims. When there is for example 10 cedis of premium, when there is a claim, we can be asked to pay 100 times that amount. The only way we are able to do that is when we are able to mobilize the funds and invest, and then we can be able to pay claims.\u201d<\/p>\n<p>\u201cBut because we underwrite on credit, insurance companies are cash-strapped and have liquidity problems. And then the public turns round and say there is no confidence in the industry\u201d she added.<\/p>\n<p>According to the Lydia Bawa \u201cwhen there is a claim, we at the commission will ensure there is no excuse for not paying the claim as long as it is a legitimate claim.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>By: \u00a0Kwaku Anim Boadu<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today marks the last day before the closure of the window for insurance to be taken on credit. This follows the full implementation of the No Premium, No cover policy that will kick start tomorrow,\u00a0April 1, 2014. From\u00a0tomorrow, no insurance company will be able to provide insurance cover to anyone who does not make an [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":9966,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[4],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Last day for no premium, no cover policy - Citi 97.3 FM - Relevant Radio. 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