Insurance Commissioner, Justice Yaw Ofori has shrugged off allegations that he is being pushed by Finance Minister, Ken Ofori Atta to close down insurance companies.

According to him, the decision to have insurance companies recapitalized is based solely on principle and the need to ensure insurance companies are strong.

The National Insurance commission has given insurance companies up until 2021 to meet the new minimum capital requirement.

Speaking in an exclusive interview on business focus,Mr Ofori said he wants to ensure a cleanup of the insurance industry.

When asked about rumours that the finance Minister is the one behind attempts to close down non performing and weak insurance companies to protect his company,Enterprise Mr Ofori said”That cannot be true,the finance Minister has not done that,he is a very busy person and will not push me to do such a thing “.

He noted the performance Enterprise in the insurance market dates as far back as the early 90s when insurance penetration was still very low.Mr Ofori believes he is taking the right decisions for the common good of the insurance Industry and will be vindicated in the long run.