The National Insurance Commission (NIC) says 95 percent of insurance companies have submitted their plans to recapitalise their operations.
This follows an August 30th, 2019 deadline set by the NIC for the insurance industry to present their plans following the increment in the minimum capital requirement for insurance companies.
The NIC increased the capital for insurance companies from GH¢15 million to GH¢50 million and that of Reinsurance companies from GH¢40 million to GH¢125 million.
That for Insurance Broking companies was also increased from GH¢300,000 to GH¢500,000.
Insurance Commissioner, Justice Yaw Ofori has denied any attempts by the Finance Minister to influence ongoing reforms in the insurance industry.
According to him, the move is aimed at ensuring a strong insurance industry that is able to pay claims and undertake big ticket transactions.
Speaking in an exclusive interview with host of Business Focus, Paa kwesi Asare in a yet to be televised interview on Monday, October 21, 2019 at 6pm, he maintained the decision is purely based on principle and is meant to clean up the insurance industry.
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Source: 3news.com | Ghana