The new board members swearing the oath of office

A New Board of Directors for the National Insurance Commission (NIC) has been inaugurated.

The members include Lionel Molbila, a veteran insurance practitioner, Chairman; Lydia Lariba Bawa, Commissioner of Insurance, Dr. Albert Kwaku Gemegah, an insurance lecturer with the University of Ghana Business School and Emmanuel Baba Mahama, former Managing Director of Vanguard Assurance Company, who is also the past president of Ghana Insurers Association as members.

Other members are Sarah Fafa Kpodo, a representative of the Ministry of Finance and Economic Planning, Justin Amenuvor, a legal practitioner and Samuel Amankwah, a banker.

The Minister of Finance, Seth Terkper, urged them to adopt and implement bold policies and regulatory framework to enhance growth in the insurance sector.

He said challenges such as low capitalization, internal controls and risk management practices faced by the sector could be addressed effectively should such policies be implemented.

The Minister said the government had reposed confidence in the new Board and hoped that they would help map out the right strategies to improve insurance supervision and bring about speedy growth.

Mr. Terkper bemoaned the low contribution of insurance premiums to the gross domestic product (GDP) and said the situation would worsen if insurance companies were not allowed to collect high rate of insurance premiums.

The Chairman, in his acceptance speech, reiterated the Board?s commitment to working hard to fashioning out appropriate legal and regulatory frameworks and strategies to address.

Mr. Molbila called on the Minister to support the new Board to carry out bold steps needed to implement the ?No Premium, No Cover policy,? which will bring about the needed growth and development of the industry.

 A business desk report

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