All insurance companies operating in Ghana have submitted their plans for recapitalisation, Deputy Commissioner of Insurance of the National Insurance Commission (NIC), Mr Michael Andoh, has said.
The insurance regulator is currently analysing the plans of the insurance companies and would respond to the companies in November.
Mr Andoh told Pulse Ghana, “All of them have submitted their plans, so we are reviewing them. I didn’t say they all submitted plans that we are happy with, all of them have submitted something, and we are reviewing them, and we will get back to them.”
There are 142 regulated firms in the insurance sector comprising 24 life insurance companies, three reinsurers, 29 non-life insurance companies, and 85 insurance brokers, according to the NIC.
The insurance entities have to meet the new capital requirements by 30 June 2021.
The NIC is increasing the minimum capital of insurance companies to GHS50m ($9.2m) from GHS15m. For reinsurance companies, the minimum capital is increased from GHS40m to GHS125m. Insurance broking companies will see their minimum capital increased from GHS300,000 to GHS500,000.
