Prime News Ghana

NIC to announce new capital requirement for Insurance companies in July

By Justice Kofi Bimpeh
NIC logo
NIC logo

National Insurance Commission, NIC, says it will in July this year announce a new minimum capital requirement for insurance companies in the country.

According to the commission, they are waiting for the Finance Ministry to give approval for them to announce the new capital requirement.

Commissioner of Insurance Justice Yaw Ofori in an interview with Joy FM said, "It's still work in progress, the final decision will come in ones we get the clearance from the Ministry of Finance, we need to have a meeting with them, they are looking at the concept document, from the commission's side we've done what we have to do, it is pure business so I'm sure the Ministry of Finance wants to make sure that we've crossed all ts and dots, by July we believe that where we have reached we will announce a new capital requirement."