The Chartered Insurance Institute of Ghana (CIIG) is seeking for the power to impose sanctions on insurance professionals who engage in unethical behaviours.
This is because the CIIG is working on submitting a bill which will regulate the activities of insurance practitioners to parliament before the end of February.
Also known as the Chartered Insurance Bill, the President of the CIIG, Rev. Asante Marfo-Ahenkorah says if passed, the bill would among others bring sanity into the insurance industry.
“What sanctions done is that your license or your ability to function as an insurance person can be withdrawn; sometimes not the withdrawal, by suspension, a fine so that people stay in line so if somebody is attending to you and is an insurance professional, you relax because you know you’re in good hand,” he told JoyBusiness at a cocktail event organized by the CIIG.
Rev. Marfo-Ahenkorah added, “That is why we want the legal backing this time around because for the other bodies they’ve gone through to parliament to get the legal backing to sanction.”
The CIIG is desirous as a council of building a strong brand by raising high, its professional standards and ethical conduct and as well promote fraternity and solidarity among members.
The CIIG says, going forward, it would enrol new members through a formal induction ceremony.
“We had concerns that as an institute we don’t have any ceremony to admit members and for a long time people get their charter and nobody recognizes them.”
The induction ceremony will commence this year with new members.
As part of the institute’s plans to uphold professionalism in the industry, the President says work is underway to plan an annual awards scheme to reward professionals in the industry.
The first 2018 CIIG Awards will be held by the third quarter of this year.
“CIIG believes that unlike the other trading bodies on the market, its independence within the industry makes it better-placed to organize the awards with fairness and credibility,” Rev. Marfo-Ahenkora said.
He added, “The insurance industry has been bereft of an awards ceremony after an initial attempt by the GIA.”
CIIG says the industry has not benefited from image-building and sparing of excellence such award ceremony provides the insurance industry.
The event, however, featured the inauguration of an awards committee for the CIIG. This committee would be chaired by former Commissioner of Insurance at the NIC, Lydia Lariba Bawa.