NIC to roll out risk-based capital framework for life insurers
Mr. Kofi Andoh, Acting Commissioner of the National Insurance Commission (NIC) has announced plans to implement a risk-based capital framework for life insurance companies.
He explained that the framework would ensure that the capital of the life insurance companies was commensurate with the risk of their activities.
Mr. Andoh made the announcement at the 10th anniversary launch of Prudential Life Insurance in Accra.
He said the commission would implement new interventions in the sector, such as development of the Ghanaian mortality table for life insurance and actuarial capacity building programme to promote the profitability of the life insurance market, all with the goal of improving life insurance for Ghanaians.
Mr. Ansah noted that the mortality table used by Ghanaian life insurance companies does not accurately reflect the country’s insurance market realities because it was designed for South Africa.
He commended the company, stating that its success, while outstanding, was not surprising given that it followed local legislation and utilised international best practices.
“It also has a very strong governance and risk management regime that incorporates anti-bribery, corruption, and robust anti-money laundering controls and procedures,” he said.
Madam Jane Mingle, the Acting Chief Executive Officer (CEO), Prudential Life Ghana, underlined the company’s commitment to sustainability through initiatives such as the COVID-19 Relief Fund, the Climate and Health Resilience Fund, and the Safe Steps Road Safety Campaign.
She also stressed the company’s commitment to environmental sustainability, noting that its annual tree planting campaigns had resulted in the growing of over 17,000 seedlings, including 2000 mangrove seedlings, at the Obane Ramsar site in Ada Foah .
Emmanuel Mokobi Aryee, CEO of Prudential Africa, said Prudential Life was the only insurance company in Ghana affiliated with the Million Dollar Round Table (MDRT).
He said the MDRT is a global association that recognises top-performing life insurance agents with high ethical conduct and professionalism.
Madam Dorothy Tsidi, Chief Commercial Officer, Prudential Life, said the key activities for the year-long celebration include PruRide and PruWalk, an annual cycling and walking event to promote health and wellness, and a legacy sustainability project dubbed PruCares.
Source: GNA