A Bill to amend the country’s existing insurance law has gone through the Consideration stage today after it was first laid in October.
The Insurance Bill 2000 which was laid by Finance Minister, Ken Ofori-Atta, will replace the Insurance Act 2006, (742) and is expected to ensure that the insurance industry is regulated with acceptable supervisory standards.
It also aims to make insurance companies comply with international best practices aimed at protecting the premium of customers.
MP for New Juaben, Mark Asibey Yeboah, who is also Chairman of the Finance Committee of Parliament, presented the Committee’s report, revealing that various amendments were incorporated into the Bill by the National Insurance Commission and other stakeholders.
The tweaks he said, are aimed at making the Bill cater to the need to stimulate insurance penetration among Ghanaians, especially for those in the informal sector.