The regulator for the insurance sector, the National Insurance Commission (NIC), says it has recorded over 78,000 newly insured vehicles as of February 17, since it implemented the Motor Insurance Database (MID) policy on January 1, 2020.
The Commissioner of Insurance, Justice Yaw Ofori, disclosed on Monday, February 17, 2020, at a meeting with the Greater Accra Regional Executives of the Ghana Private Road Transport Union (GPRTU) of the Trades Unions Congress (TUC), paid a courtesy call on the management of the NIC.
As at February 11, 2020, the policy had issued some 56,000 new stickers to newly insured vehicles, according to the Head of Supervision at the NIC.
“Since we started this introduction of the Motor Insurance Database policy, all the insurance companies that sell motor insurance are allowed to sell insurance using the system and we’ve sold over 56,000 new stickers based on this new database system,” he earlier explained.
On January 20, 2020 the NIC issued a directive to all insurance companies to cancel the issuance of manual stickers until they signed up to the new Motor Insurance Database.
The move by the commission was to get rid of fake motor insurance stickers that are plying the roads and ensure the safety of lives and property.
Commissioner for Insurance, Justice Yaw Ofori, had earlier disclosed that insurance companies in the country are losing approximately GH¢390 million of gross revenue annually to fraudsters who issue fake insurance stickers to unsuspecting vehicle owners.