Bancassurance premiums collected by collapsed banks are secured – NIC

The National Insurance Commission (NIC) has given firm badurances that Bancbadurance policyholder funds from collapsed banks are safe.

The concept of bancbadurance, which allows banks to sell insurance products and services to their clients, has faced some challenges due to the recent cleaning of the banking sector.

The situation has left some policyholders skeptical about the security of their premiums.

But, speaking to JoyBusiness, the Insurance Commissioner, Judge Yaw Ofori, stated that policyholders could request payment from the respective insurance companies in the event of a claim.

He said: "If the insurance company faces a coercive action, this company can not be included in a bancbadurance agreement."

"Unibank only sells the product to an insurance company; Unibank could go bankrupt, but the insurance company still exists, as it would take the premiums at the expense of the insurance companies to subscribe and issue the policy. If you make a complaint, contact the insurance company.

Mr. Ofori spoke at the presidential badtail organized by the Chartered Insurance Institute Ghana (CIIG) in Accra.

The annual event brings together insurance professionals to discuss issues related to the industry and how best to improve their operations in the country.

Reverend Asante Marfo-Ahenkorah, President of CIIG, urged insurance professionals to take inspiration from the cleaning of the banking sector.

"Recent events in our financial sector should wake us all up and complacency is not an option for us as an industry and, given the pace of change in the industry and in all areas of life, we should continue our continuing professional development. seriously. "Marfo-Ahenkorah said.

The CIIG President's badtail party was marked by the inauguration of an awards committee to reward the performance of professionals in the sector. The former Commissioner of Insurance, Lydia Lariba Bawa, is chair of the committee.

Meanwhile, the Institute says it is doing more to increase its number to about 870 this year out of a total of 571.