Daily Graphic

The paper has on its front page a story headed "You do business with them at your own risk " The accompanying story says that the National Insurance Commission (NIC) has warned the general public not to do business with six insurance companies whose licenses were not renewed by the commission last year. It named the affected companies as, The Great African Insurance Company, Continental Assurance, Trans-Universal Assurance, Universal Assurance, Nation-Wide Insurance, and Reliance Insurance. According to the paper, reports reaching the NIC indicate that some branches of these companies are still doing business in the regions particularly, at Agona Swedru in the Central region and Nkawkaw in the Eastern region. The NIC announced at a news conference in Accra last June that it had withdrawn the operational licences of six Insurance companies due to their inability to satisfy conditions it had set. Under the insurance law, any insurance company whose licence is withheld for a year could be liquidated through court action. The paper concluded that, Mr. Samuel Appiah Ampofo, Commissioner of Insurance, said the NIC is prepared to issue licences to any insurance company that is financially and structurally sound to do business. "We want the insurance business to grow, but we do not want insurance companies which cannot pay claims to their clients," the commissioner added. GRi