Business News of Monday, 10 August 2020Source: www.ghanaweb.com554,000 stickers issued electronically under MID policy - NICMr. Justice Ofori, Commissioner of Insurance (NIC)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. 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.

Source: GhanaWeb August 10, 2020 19:07 UTC