NIC revokes license of three insurance brokers

The National Insurance Commission (NIC) has recently descended heavily on three Ghana Insurance Brokers Association (GIBA) member companies.

The companies are Insurance Consortium Brokers Limited, Risk Solution and Legacy Protect Limited, all in Accra.

The regulator has stopped these Brokers from doing business in the Ghanaian insurance market and adequately informed the Ghana Insurers Association and GIBA of the issue.

Although no reason was adduced for their stoppage by the regulator, it may not be unrelated to turning deaf ears to guidelines such as capital inadequacy.

As NIC makes frantic efforts to ensure that the insurance industry grows, it is also expected that all players abide by corporate governance structures since this is high on the regulator’s agenda.

Currently, the number of Insurance Broking Companies is now 61.