In an effort to consolidate the insurance and reinsurance industry in Ghana, the country’s National Insurance Commission (NIC) is to implement new reinsurance guidelines, reports Prime News Ghana.
The news comes after a meeting in Accra, Ghana, between Chief Executive Officers (CEOs) of member firms’ of the Ghana Insurers Association (GIA) and the Ghana Insurance Brokers Association (GIBA).
The meeting was chaired by Commissioner of Insurance, Lydia Lariba Bawa, who stressed that the NIC felt it was now necessary to implement certain measures to promote the consolidation of the re/insurance sector.
According to Prime News Ghana, the meeting included discussions around the implementation and commencement of new reinsurance guidelines, operational modules of the Ghana Oil and Gas Insurance Pool (GOGIP), accordance with the NIC’s guidelines, Ghana Agricultural Insurance Pool, and also distribution of information.
According to reports, Lariba Bawa, said; “Most of these issues were long overdue and the regulator will want it pushed into the new insurance act. You know, we cannot take any action without our stakeholders, so we have called both trade associations to expedite action.”
Lariba Bawa continued to explain that the new reinsurance guidelines were in the best interest of Ghana’s insurance and reinsurance industry, with the NIC eager to reduce the amount of premiums that go overseas.
“We want to come out with the guidelines by this week if both trade associations agree,” she said.
