The Ghana Insurance Association (GIA) – umbrella body of all licenced insurance and reinsurance companies in Ghana – has warned that henceforth the insuring public must insist on having a GIA stamp on all documents for both Life and Non-Life insurance.
The Association also disclosed that it exists not only to safeguard the interests of its members, but more importantly to ensure fair and just treatment for the insuring public and protect them against any fraud.
According to the body, the GIA stamp seeks to identify policies issued by members and ensure that the GIA addresses its customer complaints effectively. The body also insisted that the GIA stamp should be affixed on the policy schedule of certificates of insurance or endorsement under each of the following circumstances: that is to say, new policies, renewals and endorsements – or additional policy in the case of a Non-Life insurance product. It continued by saying in the case of a Life insurance policy, the GIA stamp should be affixed on the policy schedules (policy summary) of new individual policies, and Group Life or Mortgage Protection policies at inception and renewal.
This development was re-echoed at the inauguration ceremony of the Executives in Accra last week. The Ghana Insurance Association (GIA) is the Trade Association for all licenced insurance and re-insurance companies in Ghana. The Association was registered under the Company’s Code, 1963 Act 179, in May 1998 – and was inaugurated by the PNDC Member responsible for Finance and Economic Planning in October 1998.
The Association seeks, among other things, to protect, promote and advance the common interest of insurers, re-insurers and the insuring public; and also do all things that may be necessary, proper or advisable for the general advancement of insurance business in Ghana to ensure the industry contributes effectively to the country’s socio-economic development.
Membership is also open to all licenced insurance and reinsurance companies in Ghana. Currently, GIA states that its membership strength stands at 53 – made up of 27 Non-Life companies, 20 Life companies and 4 Reinsurance companies in addition to two associate members.