• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

NIC postpones Ghs 50 million minimum capital requirement of insurance companies to 2022

5 years ago
in Business, highlights, Home, home-news, Insurance, latest News
1 min read
0 0
0
84
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

The National Insurance Commission (NIC) has postponed its deadline for insurance companies in the country to increase their Minimum Capital Requirement (MCR) by June 2021.

The postponement of the deadline to 2022, norvanreports understands, is due to fears of job losses in the insurance industry on the back of consolidations or takeovers of insurance firms as it occurred in the country’s banking sector following the sector clean-up by government.

Confirming the postponement of the deadline, Deputy Commissioner of the NIC, Michael Andoh, averred discussions between the Commission and other relevant stakeholders are still ongoing for the announcement of a new MCR for insurance firms in the country.

“Yes, new capital requirements are under considerations and discussions, we are looking what can be done about the capital requirement as well as the deadline, so very soon a new capital requirement and deadline will be announced or communicated to the industry,” he said.

Insurance companies in the country were to recapitalise with a minimum of Ghs 50 million by June 30, 2021.

Reinsurance companies and Insurance Broking companies were also to recapitalise with at least Ghs 125 million and Ghs 500,000 respectively, while that of Reinsurance Broking companies was maintained at Ghs 1 million.

The new MCR according to the NIC is to strengthen the balance sheets of regulated insurance entities, thereby enhancing their underwriting capacity and make resources available for investment in essential technology.

RelatedPosts

Regular Fiscal Data Publication Key to Having an Effective Fiscal Council, Says Oppong Nkrumah

Finance Ministry Backs New Fiscal Council to Anchor Discipline and Stability

2025 Study: Where High Earners Keep Most of Their Money 

It said the move would also improve the development and distribution of appropriate products to increase insurance penetration while strengthening the regulatory framework, implementation of risk based supervision and solvency requirements, strengthening risk management and corporate governance structures and practices including claims payment culture within the industry.

Discussions on the revision of the MCR which commenced in 2017 and scheduled to take effect June 2021, was to allow existing insurance entities enough time to comply with the revised MCRs with little disruption to their operations.

Currently, there are about 142 regulated insurance entities comprising 24 life insurance companies, 29 non-life insurance companies, three reinsurance companies and 85 insurance brokers and loss adjusters with more than Ghs 6 billion in total assets.

Source: norvanreports
No Result
View All Result

Highlights

GoldBod Introduces Special Bonus for Licensed Miners

Thomas Partey in Top Form for Black Stars Amid Legal Challenges – GFA 

BoG Tightens Foreign Currency Import and Export Rules to Curb Money Laundering

BoG Reiterates Warning Against Unauthorised Foreign Exchange Transactions

GRA to Tax Cryptocurrency Gains as Authority Prepares Digital Tracking System

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

Trending

Business

Regular Fiscal Data Publication Key to Having an Effective Fiscal Council, Says Oppong Nkrumah

August 27, 2025

Regular Fiscal Data Publication Key to Having an Effective Fiscal Council, Says Oppong Nkrumah Ranking Member of...

Finance Ministry Backs New Fiscal Council to Anchor Discipline and Stability

August 27, 2025

2025 Study: Where High Earners Keep Most of Their Money 

August 27, 2025

GoldBod Introduces Special Bonus for Licensed Miners

August 27, 2025

Thomas Partey in Top Form for Black Stars Amid Legal Challenges – GFA 

August 27, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.