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Commissioner of Insurance and Chief Executive Officer of the National Insurance Commission (NIC), Dr. Justice Ofori has been adjudged the Chief Executive Officer (CEO) of the year 2021.
At a ceremony at the Accra City Hotel over the weekend organised by the Ghana Leadership Awards, the Leader of Insurance Regulation and Supervision in Ghana was awarded the Overall Best CEO for the year 2021.
There were 19 other Awards of the night presented to distinguished personalities in business, entrepreneurship, civil service, local governance, etc.
Dr. Ofori who picked up a plaque and a certificate as the ultimate winner expressed shock as to how it happened.
As far as he was concerned, he was just a Nominee and did not expect to come out tops.
He dedicated the Award to the Board, Management, and Staff of the NIC as well as the Insurance Industry as a whole.
This award comes swiftly on the heels of a few other laurels he had won within a week. The West Africa Nobles Forum (WANF) presented him with an award for upholding the virtues of Integrity, Honesty and Accountability upon becoming the Commissioner of Insurance on November 26, 2021.
Dr. Ofori was again adjudged by the National Blood Service as the Overall Best Corporate Blood Donor for 2021 for his role in leading the entire insurance industry to donate 802 units of blood to save lives in the various blood banks across the country.
Dr. Ofori has recently declared the month of August as Ghana insurance industry blood donation month, a Corporate Social Responsibility gesture by the insurance industry that will help in restocking the country’s blood banks to save lives.
He has been largely touted as a transformational leader who brought a lot of changes in the insurance space.
Key among his achievements is the introduction of the Motor Insurance Database (MID) which has largely led to a significant reduction in fake motor insurances and vehicles dangerously plying our roads without insurance.
The CEO of the Year expressed gratitude to the entire insurance industry for their cooperation and hard work that culminated in these awards.
“It means we are doing something right and must do more”, he told the media in a post awards interaction. He also used the opportunity to encourage especially the youth to keep moving in the right direction and in honesty as “whatever you are doing, someone is watching,” he said.
Minister for Finance, Ken Ofori-Atta has inaugurated and sworn-in members of the newly constituted Board of Directors of the National Insurance Commission (NIC)
Speaking at a ceremony in Accra on Tuesday, November 30th 2021, Ken Ofori-Atta charged members of the board to diligently steer the affairs of the insurance industry and make it more efficient.
He touted the on-going recapitalisation exercise in the insurance sector and urged insurance entities to meet the new minimum capital requirement for strong results.
Meanwhile, the NIC Board will be chaired by Madam Abena Kesewaa Brown, Dr. Justice Ofori, Commissioner of Insurance and member.
Other members are Professor Bill Buenar Puplampu, Sampson Akligoh and Mrs. Geta Striggner-Quartey, Franklin Asafo Adjei and Mr. Emmanuel Amofa.
Additionally, Mrs. Naa Shormeh Gyang, is Secretary to the NIC Board
Meanwhile, the Bank of Ghana has revealed Ghana’s insurance industry witnessed an increase in its total capital base to GH¢2.91 billion at the end of December 2020, from an earlier GH¢2.53 billion recorded in December 2019.
According to the central bank’s Financial Stability Review for 2020, the increase amounts to a growth of 15 percent over the previous year.
The BoG report attributed developments in corporate governance practices and stringent measures taken by insurance entities to meet the new minimum capital requirement for the strong results.
The Commissioner of Insurance of the National Insurance Commission (NIC), Dr. Justice Ofori, has underscored the need for ensuring sanity and protection on the country’s roads.
According to him, the onus does not only lie on vehicle owners, drivers and road users but it is also a core responsibility of the Police and Insurance entities.
Delivering a speech on the Commissioner’s behalf, the Acting Head of Supervision of the NIC, Mrs. Stella Jonah, during an orientation of National Service Personnel, Dr. Ofori noted, “ensuring sanity and protection on our roads are legally and mandatorily provided by two functions; the Police and insurance.”
The NIC Commissioner pointed that “globally, the practice and process of insurance is constantly changing, and in Ghana, innovation and digitization have contributed to this change.”
This is in line with the government’s digitization agenda that birthed the Motor Insurance Database (MID) which was implemented in January 2020.
“The objective of the MID is to curb the menace of vehicles with fake motor insurance stickers plying our roads, thus endangering lives and property. The Commission, in order to ensure effective implementation of the MID, relied heavily on the MTTD,” he disclosed.
“The conduct of random checks across the country, which were facilitated by the USSD short code *920*57# together with the use of GoTa phones have made the MID a roaring success and the Commission has the Police MTTD to thank, for its commitment to this national cause,” Dr. Ofori added.
On his part, the Director-General of the Police MTTD, DCOP Francis Aboagye Nyarko commended the NIC for its support towards the orientation and called on the National Service Personnel to be disciplined in the discharge of their duties as we approach the festive season.
He stated that “the MTTD as a law enforcement agency is poised to reduce the level of carnage and traffic congestion on our roads during the Christmas and new year celebrations.
The objective is to ensure that the yuletide is celebrated in sanity and serenity devoid of an upsurge in traffic crashes”.
“The course”, he said, “will instill in you the needed knowledge to help carry out the monumental task ahead”, he hinted the participants.
The 3-day orientation programme on insurance and other aspects of road traffic regulations is supported by the NIC and facilitated by the Ghana Insurance College (GIC).
The orientation is centred on the basic principles of insurance and the MID which is of utmost relevance to the personnel deployed to ensure motor traffic regulations and safety on our roads.
The Executive Director of the National Service Scheme (NSS), Osei Assibey Antwi, used the occasion to encourage the personnel to take advantage of the opportunity granted them to serve the country.
He further advised the participating service personnel to work hard as some stand the chance of being enlisted into the Police Service at the end of their stint.
This, he believed, would also contribute to reducing the rate of unemployment in the country. He cited the virtues of humility and time consciousness as factors that will make them excel in life.
The NSS Boss encouraged National Service Personnel posted across the country to acquaint and adapt themselves with the different beautiful cultures regardless of wherever they have been posted to serve.
In October 2020, the NIC launched and commenced the nationwide training of National Service Personnel posted to the MTTD.
This was further extended to cover other security agencies including the Ghana National Fire Service (GNFS) in the NIC’s insurance awareness creation drive.
The continuous training modules have the broad objective of creating insurance awareness and providing an avenue for all to develop an interest in a career in insurance.
The National Insurance Commission (NIC) has presented a cheque for GH¢250,000 to the Ghana National Fire Service (GNFS) towards the completion of a 3-storey forensic laboratory.
The laboratory, when completed will enable the Service to use scientific methods to determine the origin and clear causes of fire incidents for public safety.
Dr. Justice Ofori, Commissioner of Insurance, who made the presentation during a tour of the project, said the donation became necessary because GNFS needed an additional support to expedite the completion of the project after an initial donation of GHC300,000 from the Commission in July this year.
While the establishment of the forensic laboratory would assist the Fire Service in their fire investigative processes to establish the causes of fires in a reasonably short period, it would also help insurers to price fire risks prudently, Dr. Ofori indicated.
Fire insurance claims take relatively long time to administer because Fire Officers need to be able to tell the right causes of fire outbreaks.
The Commissioner of Insurance said the facility would strengthen the mutually beneficial relationship between the NIC, the insurance industry and GNFS.
He commended players in the insurance industry for contributing towards the project.
Mr. Julius Kuunor, the Acting Chief Fire Officer (CFO), who received the cheque, expressed gratitude to the Commission for its consistent and relentless support.
The presentation of the cheque for GH¢250,000 brings to a total, GH¢1,050,000 presented by the NIC to GNFS for the construction of the laboratory.
Officials of the National Insurance Commission (NIC), the Ghana Police Service and the Ghana National Fire Service have commenced series of sensitization and enforcement of the law to check the validity of fire insurance on commercial properties in parts of the Greater Accra Region.
The team move, is part of efforts by the NIC to ensure compliance with the requirements of Sections 218 and 219 of the new Insurance Act 2021 (Act 1061), which requires that all commercial properties are compulsorily insured.
Mr. Charles Ansong Dankyi, a Senior Manager at the NIC, told the GNA that the Insurance Act 1061 (2021) per Sections 218 and 219 makes it compulsory for business entities to insure their properties be they under construction or completed.
He advised business owners to be interested in taking care of themselves, third parties and their wares, since a burnt-up business premises could have several consequences on lives and livelihoods.
The compulsory property insurance is to provide financial protection against legal liabilities arising from accidents that cause property damage, bodily injury or death to members of the public.
Mr. Ansong said that apart from fire insurance that was covered, there remained other perils such as earthquake, flood, thunderstorm among others which were all covered under basic fire insurance.
The Task Force inspected a number of commercial buildings for their fire certificates within the Oyarifa and Ayi Mensah enclave.
The team observed that about 25 commercial buildings did not possess active insurance policies and have been served with letters to comply.
Owners of these commercial buildings, which were randomly inspected were however, sensitized to do the right thing in their own interest and in compliance with the law.
The Task Force will continue to visit the metropolitan and district business enclaves of the capital to intensify its sensitization and enforcement drive.
A renowned Cellular Pathologist, Professor Agyeman Badu Akosa has made a clarion call on the Bank of Ghana, financial institutions and other state bodies to voluntarily embark on regular blood donation exercises.
The call, according to the former Head of the Pathology Department of the University of Ghana Medical School, is necessary to help stock the blood banks across the country, which are fast running out of blood to save lives of people in need.
The former Director-General of the Ghana Health Service (GHS) was speaking as a Guest Speaker to climax the end of a nationwide blood donation exercise.
The exercise was embarked on by the insurance industry since it was launched on August 19, by the Commissioner of Insurance, Dr. Justice Ofori.
Prof. Akosa cited superstition as one of the challenges creating a lack of interest in voluntary blood donation and demystifying the fact that nothing bad happens to anyone who donated blood.
“The body has a capacity to regenerate itself and even in regenerating itself you would say that your body has given itself a booster during that period of regeneration,” he said.
August has been declared by the insurance industry as ‘Ghana insurance industry blood donation month’.
Prof. Akosa appealed to the central bank and the civil service to designate a month for their staff to donate blood.
“What if Dr. Addison came out to say that if the Insurance Commission has taken August, the banks will take April or March just a month preceding Easter and he as the Oga [sic] (Governor) of the banking service can then marshal the entire banking system including rural banks, including all the financial institutions, and my God, will that not help?”, he quizzed.
He suggested that the spirit of volunteerism should be inculcated in Senior High School students, especially for blood donation purposes.
He commended the NIC for the initiative and all regulated insurance entities for rallying behind the Commissioner to make the two-month-long campaign a success.
In his address, the Commissioner of Insurance, Dr. Justice Ofori stated, “this exercise which was under the auspices of the National Blood Service (NBS) couldn’t have come at a better time as the Covid-19 pandemic had taken a toll on gestures of this nature, leading to dwindling stocks while accident victims, pregnant women in labour cry out in need of blood to survive.
“I will, therefore, urge all corporate entities and state institutions and members of the public to take a cue from this campaign to save lives.
“In justifying the initiative, the Commissioner’s speech couldn’t have been complete without a quote from a famous Russian Author and multiple Nobel Peace Prize Nominee, Leo Tolstoy, “If you feel pain, you’re alive. If you feel other people’s pain, you’re a human being”.
Other speakers at the ceremony included the Chief Executive Officer of the National Blood Service, Dr. Justina Ansah who said the continuous and voluntary donation was critical to replenishing the blood banks.
She explained that the novel initiative by the NIC is a move in the right direction as she described blood as an un-manufacturable drug that can only be made available through voluntary donations.
Kokui Selormey-Hanson, a voluntary blood donation advocate who herself had her life saved through blood donation used the platform to encourage people to donate freely.
She indicated that blood cannot be sold though the processing comes at a cost and that should not be the reason for people not wanting to donate blood freely “for you would never know when it could be you or any close relation in need”, she admonished.
The insurance industry was largely represented by leaders of all industry bodies such as the Ghana Insurers Association (GIA), the Insurance Brokers Association of Ghana (IBAG), the Chartered Insurance Institute of Ghana (CIIG), and the West African Insurance Companies Association (WAICA).
The 2021 donation campaign which saw over 800 units of blood donated by the insurance industry employees was under the theme: ‘Donate blood, save a life; if you do it for someone, you do it for yourself’.
About 150 Chief Executive Officers in the insurance industry led by the Commissioner of Insurance, Dr. Justice Yaw Ofori has come together to launch a blood donation exercise.
The National Insurance Commission imposed supervisory restrictions on RegencyNem Insurance Ltd. since 19th April, 2021 following some regulatory breaches which the firm has not been able to resolve. In line with the Commission’s mandate under the Insurance Act 2021 (Act 1061) to protect the interest of past, current and prospective customers of the company, it is hereby announced for the information of the general public that Ms. Dzidzorli Adzo Asafo has been appointed as the Statutory Manager of Regency Nem Insurance Ltd with effect from 12th August 2021, in accordance with Section 99 of the Insurance Act 2021(Act 1061).
In accordance with the Insurance Act 2021 (Act 1061) the Statutory Manager shall exercise the powers of the shareholders and directors, and shall have control of and manage the business, assets, liabilities and affairs of Regency Nem Insurance Ltd.
Issued by the Commissioner of Insurance
12th August, 2021
The National Insurance Commission imposed supervisory restrictions on Heritage Energy Insurance Company Ltd. since July 2019, following some regulatory breaches which the firm has not been able to resolve. In line with the Commission’s mandate under the Insurance Act 2021 (Act 1061) to protect the interest of past, current and prospective customers of the company, it is hereby announced for the information of the general public that Mr. Richard Okyere has been appointed as the Statutory Manager of Heritage Energy Insurance Company Ltd with effect from 22nd July 2021, in accordance with Section 99 of the Insurance Act 2021(Act 1061).
In accordance with the Insurance Act 2021 (Act 1061) the Statutory Manager shall exercise the powers of the shareholders and directors, and shall have control of and manage the business, assets, liabilities and affairs of Heritage Energy Insurance Company Ltd.
Issued by the Commissioner of Insurance
22nd July 2021
The National Insurance Commission (NIC) has taken note of a press statement on the above subject, which has been receiving attention from some relevant stakeholders.
The Commission has taken the issues raised onboard and will address them appropriately. We will also continue with ongoing stakeholder engagements towards finding harmonious ground for the smooth implementation of the Insurance Law.
The NIC, however, wishes to clarify that the current renewed effort is only aimed at enforcing an existing Law that dates back to the Insurance Law of 1989, PNDC Law 227. This Law made it mandatory for all goods being imported into Ghana to be insured in Ghana by insurance companies licensed to operate in Ghana. The relevant sections of the applicable laws are chronicled as follows:
Insurance Law 1989 (PNDC Law 227)
Section 63 (1) ‘Except in the case of personal effects every insurance effected in respect of any goods imported into Ghana shall be placed with an insurer registered under this Law’
The Insurance Act 2006 (Act 724)
Section 37 (1) ‘Unless authorized by the Commission, a person shall not enter into a contract of insurance with an offshore insurer in respect of:
(a) Property situate in the country
(b) Liabilities arising in the country, or
(c) Goods, other than personal effects, being imported into the country’.
Insurance Act 2021, Act 1061
Section 222 (1) ‘A person who imports goods, other than personal effects, into the country shall insure the goods with an insurer licensed under this Act’.
For effective administration, the new Law requires that the NIC designs Regulations as guide for implementation. This process has since commenced and will involve various stakeholder engagements.
We assure all stakeholders that their interests will be served as we traverse the path to grow the economy and to enable us be in the position to provide adequate buffers against all risks emanating from all manner of business transactions in real time.
Thank you.
Issued by the Public Relations Unit
Re: Reconsider Implementation of the National Insurance Act
