National Insurance Commission urged to intensify public education on new insurance law

Participants at a public forum on compulsory insurance of commercial buildings in Kumasi have called on the National Insurance Commission (NIC) to intensify its public education to create the needed awareness about the new insurance law.

They said there should be intensive and sustained public education on sections 183,184 and 191 of Act 742, which deals with compulsory insurance of commercial buildings to help deepen the understanding of all stakeholders for smooth implementation.

The forum was organized by the Commission, as part of a series of nationwide awareness creation to promote compliance and was attended by representatives from insurance companies, Ghana National Fire Service (GNFS), hoteliers, surveyors, town and country planning, factory owners, commercial and property owners.

Mr Isaac Yaw Buabeng, Head of Marketing, Research and External Relations of NIC, said in addition to education programmes on the law on radio and television, it was important to deepen the knowledge of key stakeholders to ensure compliance and effective implementation of the law.

He said the law defines commercial buildings as those providing educational services, medical services, engage in commercial activities, serving purposes of recreation or transaction of businesses.

Mr Andrew Opoku, Insurance Officer at SIC Insurance Limited, said one of the objectives of the law is to offer continuity to commercial entities which suffer loses or damage through fire and related risk.

He said it will also make available compensation to third parties who get injured as a result of disasters in commercial buildings.

Mr Opoku advised owners of educational institutions to take advantage of the law to insure their schools against fire and other disasters.

Source: GNA