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Business News of Wednesday, 26 February 2020

Source: www.ghanaweb.com

Verification of marine insurance at the ports progressing – NIC

The regulator for insurance, the National Insurance Commission (NIC), has disclosed that it is cooperating with companies in the marine sector to check and certify the authenticity of insurance policies at the country’s ports.

According to the Commissioner of Insurance, the collaboration is necessary to assist checking insurance on imported goods that make way into the country.

This follows efforts by the commission to move into the marine insurance space after successfully implementing the Motor Insurance Database policy to check vehicle insurance.

Justice Yaw Ofori described that the move will permit the Customs Division of the Ghana Revenue Authority (GRA) to verify marine policies in real time and help generate the required revenue.

“We are expecting to also move into other areas gradually and goods imported into the country are required by law to have insurance on them,” Mr Ofori told reporters.

“Consequently, the customs division at the ports are unable to check and verify insurance, particularly marine insurance at the ports in real time. So, we are looking at having a software that will be available all over the country at the airports and the sea ports so that the customs can check the authenticity of marine insurance produced at the ports,” he explained.

The Commissioner was, however, hopeful that collaboration will allow the relevant state authorities to ensure compliance and enforce the law at the ports.

Insurance losses

Mr Justice Ofori had earlier disclosed that insurance companies across the country are losing approximately GH¢390 million of gross revenue annually to fraudsters who issue fake insurance stickers to unsuspecting vehicle owners.

Following that, on January 20, 2020 the NIC issued a directive to all insurance companies to cancel the issuance of manual stickers until they signed up to the new Motor Insurance Database.

The move by the commission was to get rid of fake motor insurance stickers that are plying the roads and ensure the safety of lives and property.

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