02
Jun
About 98 percent of insurance companies have met the new minimum capital requirement of the National Insurance Commission (NIC). The regulator in June 2019 announced new minimum capital requirements for players in the insurance space. It increased the minimum capital requirement for life and non-life companies from GH¢15 million to GH¢50 million, while that of reinsurance companies was raised from GH¢40 million to GH¢125 million. Insurance brokers also had their minimum capital increased from GH¢300,000 to GH¢500,000 while that of reinsurance brokers remained at GH¢1 million. All companies in the sector were to have complied with the new minimum capital…