NIC strengthens laws on compensation

The National Insurance Commission of Ghana (NIC) has recently introduced severe penalties for non-payment of compensation by some insurance companies.

Henceforth, insurers will be required to respond to insurance claims within five days, check the authenticity of the claim made by the insured and pay the compensation within a minimum of four weeks.

Violators will be subject to extremely high and punitive fines.
This measure is part of the new directive on the management of claims established by the commission.