Reinsurance guidelines to be implemented

June 27, 2017
Reinsurance guidelines to be implemented

The National Insurance Commission (NIC) will soon begin a move to bring in new reforms into insurance landscape.

This follows a meeting held between Chief Executive Officers of Ghana Insurers Association (GIA) and Ghana Insurance Brokers Association (GIBA) member companies, in Accra.

The Commissioner of Insurance, Lydia Lariba Bawa, who chaired the meeting, said the Commission has found it necessary to bring to the fore certain measures to consolidate the industry.

The discussions tabled included the commencement of the new Reinsurance Guidelines, Operational Modules of the Ghana oil and Gas Insurance Pool (GOGIP), compliance with NIC guidelines and directives, Ghana Agricultural Insurance Pool (GAIP) and dissemination of information.

"Most of these issues were long overdue and the regulator will want it pushed into the new insurance act,” she explained.

“You know, we cannot take any action without our stakeholders, so we have called both trade associations to expedite action," the Commissioner added.

The regulator also disclosed that the new reinsurance guidelines were in the best interest of the industry because the Commission wants to stop premium flight to overseas.

She further insisted that the local content laws should be fully implemented, in a bid to help the country benefit fully from the growth of the insurance industry.

"We want to come out with the guidelines by this week if both trade associations agree," she pointed out.