Appearing Commissioner of Insurance coverage, Dr Abiba Zakariah, has reiterated her sturdy stance on the insurance coverage trade’s dedication to curb premium undercutting, describing it as a significant impediment to rising insurance coverage penetration in Ghana.
She expressed concern over the rising compromises on moral practices by some trade gamers, stressing that moral integrity is non-negotiable. In accordance with her, unethical conduct represents “a race to the underside” that would undermine the trade’s progress. She reaffirmed the regulator’s dedication to decisively addressing the issue.
Dr Zakariah made these remarks when the Committee on Premium Undercutting and Unethical Practices, chaired by Mr. Ivan Avereyireh, former President of the Ghana Insurers Affiliation (GIA), formally offered its report and proposals to her.
Presenting highlights of the report, Mr. Avereyireh harassed the necessity for sanctions towards all culpable events and proposed {that a} Memorandum of Understanding (MoU) be signed by all stakeholders—together with shareholders, Boards of Administrators, and Chief Government Officers. He insisted that when adopted, the MoU should be enforced with out exception.
The Committee’s report underscored the significance of enhanced regulatory oversight, elevated accountability, and larger transparency to construct belief and safeguard policyholders’ pursuits.
Key suggestions outlined embrace:
Imposing claims cost necessities
Enhancing life insurance coverage advantages
Stopping unfair pricing and selling honest competitors
Penalising unethical practices
Providing different funding choices
Guaranteeing management accountability
These measures align with the regulator’s strategic purpose of sanitising the insurance coverage market, one among its three core pillars.
Constituted in March this 12 months, the Committee includes representatives from the NIC, GIA, IBAG, CIIG, Ghana Re, and the Actuarial Society of Ghana, amongst others.
Committee members pledged their dedication to upholding moral requirements and combating premium undercutting by way of all accessible means. Dr. Zakariah assured them that the suggestions can be fastidiously reviewed and applied in the end.
The Committee was constituted in March this 12 months and includes representatives of all key trade stakeholders.
They’re: Dr. Kwaku Appietu-Ankrah, Ghana Re PLC, Nana Dufie Amakye Ansah (Mrs.) Insurance coverage Brokers Affiliation of Ghana (IBAG), Mr. George Quayson Otoo, NIC, Mrs.Eugenia Apeagyei, NIC, Mr Kwadwo Nkansah Esq, NIC, Mr Nda Ahale Polley, GIA, Mrs. Elsy Adadey, Chartered Insurance coverage Institute of Ghana (CIIG), Mr. Eric Ato Botchway, GIA, Mr. Stephen Tetteh Terkpetey (Actuarial Society of Ghana (ASG), Dr. Kingsley Kwesi Kwabahson, GIA, Mr Frederick Boakye-Yiadom, NIC, Mr Stephen Kwarteng Yeboah, IBAG, Mrs. Mercy Naa Koshie Boampong, GIA, and Mr Charles Kofi Adjei-Mensah, ASG.
DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially signify the views or coverage of Multimedia Group Restricted.
DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially signify the views or coverage of Multimedia Group Restricted.
Source link
