Business News of Monday, 10 August 2020
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Commissioner of Insurance at the National Insurance Commission (NIC) has said the introduction of the Motor Insurance Database (MID) policy has recorded 554,000 electronic stickers since its introduction.
This follows an earlier 507,000 motor insurance stickers issued electronically in July this year following the implementation of the MID in January 2020 to curb fake insurance stickers plying the roads.
The Commissioner, Justice Yaw Ofori speaking in an interview with GhanaWeb indicated the growing confidence in the system, as most Motorists now buy valid insurances with approved entities.
“On the performance of the MID, the system has recorded over 554,000 electronic stickers, so far, indicating the growing confidence in the system, as most Motorists now buy valid insurances with approved entities,” Mr Ofori said.
He explained, “all old policies issued prior to January 20, 2020, have been uploaded onto the database, and their new electronic stickers will be issued upon renewal.”
Mr. Justice Ofori further disclosed that the National Insurance Commission (NIC) together with the Motor Traffic and Transport Department (MTTD) of the Ghana Police Service, will soon commence a nationwide exercise aimed at enforcing the Motor Insurance Database (MID) policy.
The objective, according to the Commissioner will see the formation of a joint task force which will clamp down on patrons and dealers of fake motor insurance in a bid to reduce the number of uninsured vehicles on our roads, while protecting the interest of policyholders and the general public.
On January 20, 2020 the NIC issued a directive to all insurance companies to cancel the issuance of manual stickers until they signed up to the new Motor Insurance Database (MID).
The move by the commission was to get rid of fake motor insurance stickers that were plying the roads and to ensure the safety of lives and property.
The NIC had earlier disclosed that insurance companies in the country are losing approximately GH¢390 million of gross revenue annually to fraudsters who issue fake insurance stickers to unsuspecting vehicle owners.
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