The National Insurance Commission, NIC has announced new minimum capital requirements for insurance companies in the country.
A statement from the NIC signed by Commissioner of Insurance, Justice Yaw Ofori said, " The new Minimum Capital Requirements for the insurance industry will help strengthen the balance sheets of regulated insurance entities, thereby enhancing their underwriting capacity, make resources available for investment in essential technology and the development and distribution of appropriate products which will help increase insurance penetration.
"lncreasing the Minimum Capital Requirement is only one of a number of steps being taken by the NIC to develop a robust insurance industry. Other steps include improving strengthening the regulatory framework, implementation of Risk Based Supervision and solvency requirements, strengthening risk management and Corporate Governance structures and practices within the industry and thus improving the claims payment culture."
