Magazine date:
Oct 2016 The National Insurance Commission (NIC), which has previously announced that eight companies were struggling to attain the regulatory minimum level of capital required, has revised its list downwards. Henceforth, the list contains only two insurers that are under the threat of sanctions. They risk to see their license withdrawn in order to protect the interests of policyholders.
The other six companies have either increased their capital or provided enough guarantees attesting to their imminent compliance with the new insurance code. The latter has set minimum capital at 15 million GHS (3.7 million USD).
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