Business News of Tuesday, 11 February 2020
Source: www.ghanaweb.live
2020-02-1156,000 new stickers issued under Motor Insurance Database policy – NIC
play videoSeth Eshun, Head of Supervision at the National Insurance Commission
Head of Supervision at the National Insurance Commission (NIC) says it has so far issued some 56,000 new stickers following the implementation of the Motor Insurance Database (MID) policy that was introduced on January 20, 2020.
According to Seth Eshun, the regulator for insurance expects the number to somewhat increase by the close of the week despite a few
Read full articlechallenges that are being addressed.
“Since we started this introduction of the Motor Insurance Database policy, all the insurance companies that sell motor insurance are allowed to sell insurance using the system and we’ve sold over 56,000 new stickers based on this new database system,” he explained.
He added, “despite some teething issues that are to be addressed, the system is functioning and I know by the end of the week, it will be a lot more high because it keeps increasing every day.”
Seth Eshun disclosed this during a presentation at the launch of the NIC’s training programme for Motor Traffic and Transport Division (MTTD) personnel on the enforcement of the MID policy on roads in Accra on Tuesday, February 11.
The training programme will see some 80 police personnel from the MTTD within the Accra and Tema divisions being trained in the enforcement and use of equipment and tools to check insurance stickers.
A total of 400 servicemen are expected to benefit from the training nationwide and they would in the coming months, be given ‘GoTa’ phones procured by the NIC, which will be used to verify and check insurance stickers.
Earlier, the regulatory and supervisory body of the insurance services sector, 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.
Commissioner for Insurance, Mr Justice Yaw Ofori, had earlier disclosed that insurance companies in the country are losing approximately GH¢390 million of gross revenue annually to fraudsters that issue fake insurance stickers to unsuspecting vehicle owners.
According to him, the amount represented insurance premiums that should have been paid on about 1.2 million vehicles that were found to have been using fake insurance stickers.
