Business News of Tuesday, 11 February 2020Source: www.ghanaweb.com56,000 new stickers issued under Motor Insurance Database policy – NICSeth Eshun, Head of Supervision at the National Insurance CommissionHead of Supervision at the National Insurance Commission (NIC) says it has so far issued some 56,000 new stickers following the implementation of the Motor Insurance Database (MID) policy that was introduced on January 20, 2020. “Since we started this introduction of the Motor Insurance Database policy, all the insurance companies that sell motor insurance are allowed to sell insurance using the system and we’ve sold over 56,000 new stickers based on this new database system,” he explained. Earlier, the regulatory and supervisory body of the insurance services sector, 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. The move by the commission was to get rid of fake motor insurance stickers that are plying the roads and ensure the safety of lives and property. According to him, the amount represented insurance premiums that should have been paid on about 1.2 million vehicles that were found to have been using fake insurance stickers.

Source: GhanaWeb February 11, 2020 14:26 UTC