Managing Director of Enterprise Life Jacqueline Benyi
Enterprise Life has announced it has met the National Insurance Commission’s 500,000, minimum capital requirement for insurance firms ahead of the January 2022 deadline.
Managing director of Enterprise Life Jacqueline Benyi announced this during at Webinar on Friday 14 May. 21
“From the National insurance Commission’s point companies have up until January 2022 to be capitalised when it comes to the new capital of GH¢50 million but we capitalised so we are very fine in that space, she said
Benyi added “Let me also say that we are very strong in terms of claims payment. if you look at our claims for example in 2019, I think we paid 186, in 2021 197 … So, when it comes to claims I think that is one of the great things we do
Background
The National Insurance Commission in January announced it has extended the deadline for the recapitalisation of insurance companies from June 2021 to January 2022.
The economic impact of Coronavirus on businesses resulted in the extension of the deadline for the insurance companies.
In June 2019, the NIC announced a new minimum capital requirement for insurance companies operating in the country.
The new minimum capital requirement for life and non-life companies was increased from GH¢15 million to GH¢50 million with that of reinsurance companies moving from GH¢40 million to GH¢125 million.
Insurance broking companies also saw their stated capital increase from GH¢300,000 to GH¢500,000, while that of reinsurance broking companies was maintained at the current GH¢1 million.
Insurance companies were expected to file their recapitalization plans by December 2020 as well as meet the new requirement by June 2021.
However, with six months to the deadline, the NIC has come out to give the companies a further six months to adequately prepare to meet the new requirement.
Fred Dzakpata
