Prime News Ghana

Cancellation of manual insurance stickers will end undercutting - CIIG

By Justice Kofi Bimpeh

The Chartered Insurance Institute of Ghana, CIIG says the cancellation of the issuance of manual motor insurance stickers will end undercutting and help streamline the system.

 The Chartered Insurance Institute of Ghana said the decision will safeguard Ghanaians.

Rev. Asante Marfo-Ahenkorah, President for CIIG in an interview with Joy FM said, " basically the whole world everything is now digital, banking and financial services, when it comes to manual people can easily duplicate, people can easily copy and we are even behind other countries have gone on this way a long time ago, you know we used to have a situation where a lot of fake certificates were being issued, we want to have a system where authorities can check, you may be given a sticker and it's fake and something happens then you don't have cover who would you blame?..."

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NIC cancels issuance of manual insurance stickers

The National Insurance Commission, NIC has cancelled the issuance of manual motor insurance stickers in the country.

NIC in a letter signed by Commissioner of Insurance, Justice Yaw Ofori directed all insurance companies which provides motor insurance to end the issuance of manual insurance stickers.

The companies stated that insurance and brokerage firms are to sign onto the NIC motor insurance database or risk facing sanctions.

Part of the letter read on Joy FM said, "This comes to remind you that with effect from today, January 20, 2019, all motor insurance policies will have to be captured in the MID (portal of the NIC).

Given that the current manual stickers are no longer legal with effect from today companies can only use the MID portal for their motor insurance business with immediate effect.

Flaunting this directive will be considered illegal and the commission will apply the fullest sanctions, to that effect all non-life insurance companies are directed to return all unused manual stickers in their possession to the NIC before the close of day which is Friday, January 24 for a refund.

The NIC will issue a press statement to inform the public according."