Mr Justice Peprah Agyei, Western Regional Area Manager of the National Insurance Commission (NIC) has called on the public to report any challenges or questionable actions they have about insurance companies at no cost to the National Insurance Commission for redress.
However, he pleaded with the public to understand what they want to insure, know where they want to do business (company) and have time to visit the office of the insurance company to share their problems and make enquiries and know what they want to insure against such as a car (comprehensive or third party), building (windstorm, fire or theft), children (education or health).
They should also know the amount they want to put in to determine how much they stand to gain in the end, understand the warranty, terms and conditions of the policy or product they are going in for and be more conscious of themselves before choosing any policy.
Mr Agyei who made the call in an interview with iGOGHANA also lamented the situation where people don’t take their time to read the policy booklets that are given to them to understand the terms and conditions better before going ahead to subscribe to the policy to avoid unpleasant results in the end.
He noted that people had fed up with insurance due to some bad happenings with companies in the past the Commission has been well reformed to safeguard the funds of the insuring public and doing all it can to restore confidence in the general public about the good things the sector offers its patrons.
He announced that the Commission is mandated to approve rates of insurance premiums and commissions, provide a bureau for the resolution of complaints and arbitrate insurance claims when disputes arise.
The Commission was established under Insurance Law 1989 (PNDC Law 227) but now operates under the Insurance Act, 2021 (Act 1061) with an objective to ensure effective administration, supervision, regulation, monitoring and control of the business of insurance, to protect insurance policyholders and the insurance industry.
He said the NIC is also mandated to perform a wide spectrum of functions including licensing of entities, setting of standards and facilitating the setting of codes for practitioners with other responsibilities such as the provision of recommendations to the sector Minister for policy formulation, supervision of practitioners, enforcement of compliance and public education.
He mentioned the functions of the Commission issuing directives, directions, instructions and guidelines to insurers, reinsurers and insurance intermediaries; issuing licenses under Insurance Act 1061; monitoring the operations of the insurance market; enforcing compliance by licensees with the provisions of the Insurance Act 1061 and any other relevant enactment and supervising licensees on an individual basis and where appropriate on a group basis.
Others are enforcing compliance, in the insurance market of regulatory requirements on anti-money laundering and countering the financing of terrorism; promoting public awareness and undertaking public education on insurance and co-operating with and providing assistance to law enforcement authorities, regulatory authorities in the country and foreign regulatory authorities.
The rest are investing any money standing to the credit of the Commission in safe securities that the Minister considers appropriate; taking enforcement action against persons carrying on unlicensed insurance or reinsurance business and performing any other functions under the Insurance Act 1061 and any other enactment that are ancillary to the objects of the Commission.
He said where appropriate, the Commission approves minimum rates of premiums in respect of any class or sub-class of insurance business and maximum rates of Commission in respect of any class or sub-class of insurance business.