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National Insurance Commission to set first quarter of next year to increase minimum capital requirement.

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The National Insurance Commission has now set the first quarter of next year as a new date for announcing the increase in the minimum capital requirement for Insurance firms.
Earlier this year the Commissioner indicated that it will increase the minimum level  from about 15 million Cedis before the end of this year.
There were speculations that it could settle on an increase of about 50million Ghana Cedis but according to the Commissioner Justice Yaw Ofori the Commission wants to fine tune directives before the announcement.
According to the Commissioner the whole process is very delicate and needs a lot of calculations to be done.
He added that “it is dear to the heart of the industry and we have to make sure it is done well”.
When the Commissioner spoke to Business News at  the second National Insurance Commission Chairman’s cocktail reception held in Accra, he revealed that this is about the 15th or 16th version of the minimum capital document and they would want to carefully go through before coming out with any decision.
Justice Yaw Ofori assured Ghanaians that the Boad of Directives are very much interested and  will soon come out with a statement pertaining to the minimum capital requirement.
He said the outcome will be something acceptable to the majority, not only to industry players but also policy holders.
Story by: Mabel Adorkor Annang
 

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