ONE area under the financial sector that has been under-utilised is the insurance industry. The potentials of the industry have over the years not been tapped let alone developed. However, with the liberalisation programme currently sweeping across every sector of the national economy, a new lease of life is beginning to be injected into the industry. One institution that is beginning to make its presence felt in the financial sector is Metropolitan Insurance Company, formerly Madison Insurance Company Ghana Limited. The company with a very strong share holding structure and a capital deposit of ?3 billion is well poised to turn the face of the insurance industry into the 21st century. The company has projected that by the year 1999, it will be a leading insurance company in the country. Returns for 1996, already put the company in line for the attainment of such objective as gross premium income was 75 per cent more than projected. This record is the result of innovative products and services that the company has put on the insurance market to serve the needs and expectations of all categories. One of such products is the MET Gold Plan which will allow individuals to meet their financial security needs whether in self-employment or not. The MET Gold Plan is not an ordinary personal insurance scheme but a dedicated savings plan with a life assurance cover designed to meet the present and future needs of the insuring public. The plan has been structured in such a manner that it guarantees the financial protection of life assurance of the investor. In addition to this, the policy guarantees capital accumulation through monthly savings, maximum security and return on savings, easy access to policy funds and more importantly, hedge against inflation. According to Mr Daniel Aidoo Mensah, Chief Executive of Metropolitan Insurance Company, one important feature of the Met Gold Plan is the opportunity it offers participants to set aside money to supplement whatever retirement benefits they already have. Mr Mensah, a Britain-trained actuary who has performed several actuarial functions for the country's financial markets explained that the amount of the loan cannot exceed the cash value of the Gold Account since the only security for the loan is the MET Gold Plan. Mr Mensah said the plan can also be used to supplement one's pension on retirement as well as to be used as an alternative to provident funds and superannuation schemes during one's working life. With options available to one on retirement, Mr Mensah said one can discontinue with the contributions and take cash value without any penalty or tax. He said one can again have the option to extend the plan and maintain the same facility or withdraw part. The chief executive said the company strongly believes in breaking new grounds and introducing new products to the public and pointed out that with the Gold Plan, the holder is guaranteed a minimum interest rate. This, he explained, could not be found in current saving account. "The company, being in the business of taking risks, actually puts its neck on the line to guarantee that over the life of the policy, the interest rate that will be credited to the account will never be below a certain percentage," Mr Mensah said. He said the returns that one would make from the plan compare more favourably with what one would get from other schemes from traditional insurance companies and other deposit accounts. Apart from the Gold Plan, Metropolitan Insurance Company provides other innovative classes of general insurance which include special commercial combined policy. This enables corporate entities to insure all insurable risks under one policy. Other policies include book debits or account receivable policy, office comprehensive policy and household comprehensive policy. Graphic