NIC appoints statutory managers for two insurance companies over regulatory breaches
The National Insurance Commission (NIC) has appointed for Regencynem Insurance Limited and Heritage Energy Insurance Company Limited, two statutory managers.
The appointment of the two statutory managers according to a release issued by the Commissioner of Insurance, Dr Justice Ofori, follow the companies’ inability to resolve some regulatory breaches for which the Commission imposed supervisory restrictions.
The appointment of statutory managers for the two insurance firms, the Commissioner of Insurance noted in the statement, is in line with the Commission’s mandate under the Insurance Act 2021 (Act 1061) and in accordance with Section 99 of the same Act to protect the interest of past, present and prospective customers of the said companies.
For Regencynem Insurance Limited, the appointed statutory manager is in the person of Ms Dzidzorli Adzo Asafo.
Mr Richard Okyere is the appointed statutory manager in the case of Heritage Energy Insurance Company Limited.
In accordance with the Insurance Act 2021 (Act 1061), the statutory managers shall exercise the powers of the shareholders and directors, and shall have control of and manage the business, assets, liabilities and affairs of Regencynem Insurance Limited and Heritage Energy Insurance Company Limited.
Heritage Energy Insurance
The firm is a focused Insurance Company positioned to providing financial solutions for insurable risks in all sectors in general.
It is duly certified by the National Insurance Commission to underwrite general insurance business in line with the recent recapitalization exercise in the insurance industry.
The company’s security is led by Ghana Reinsurance Co. Ltd, WAICA Reinsurance Corp, Mainstream Reinsurance Company Ltd and GN Reinsurance Co.Ltd.
Regencynem Insurance Limited
RegencyNem Insurance Ghana Limited emerged in September 2016 following a successful merger between Regency Alliance Insurance Ghana Limited and Nem Insurance (Ghana) Limited.
The merger was in order to meet the National Insurance Commission’s requirement to increase the capital base of insurance companies in Ghana.
The arrangement, therefore, makes RegencyNem Insurance Ghana Limited a fully local Insurance Company.
The company still draws technical support from its major shareholders, Regency Alliance Insurance PLC and Nem Insurance PLC both in Nigeria.
