The NIC says it is looking at the concerns raised by the importers and exporters
• The NIC says it has taken note of concerns from the Importers and Exporters Association of Ghana
• Also, it says it acknowledges the concerns of the Food and Beverages Association of Ghana (FABAG)
• The NIC has said it is looking into the concerns over the implementation of the National Insurance Act
Steps are being taken to address the concerns of the importing community over the implementation of the National Insurance Act, assures the National Insurance Commission (NIC).
Recently, members of the Importers and Exporters Association of Ghana and the Food and Beverages Association of Ghana (FABAG) have made several complaints with regards the negative impact the law will have on their businesses, reports business24.com.gh.
It continued that the two are kicking against the law’s requirement for all imported goods to be insured by local insurance agents as well as opposed to the sanctions prescribed in the law for those who fail to comply.
FABAG Executive Secretary, Sam Aggrey, said that instead of the lawmaking that provision mandatory, it should have rather been left to them to make those decisions on whether or not to insure their cargo companies either in the local industry or internationally.
“The NIC has taken the issues raised onboard and will address them appropriately. We will also continue with ongoing stakeholder engagements towards finding harmonious ground for the smooth implementation of the insurance law,” a statement said.
Besides, the statement added, the existing legal requirement to insure imported goods with only local insurance companies has been there since 1989.
It continued that the current effort to change that arrangement only simply aims at enforcing compliance against an age-old rule.
Section 222 of the Ghana Insurance Act 2021 (Act 1061) states that “a person who imports goods other than personal effects into the country shall insure the goods with an insurer licensed under the Act.”
The statement added that, “For effective administration, the new law requires that the NIC designs regulations as [a] guide for implementation. This process has since commenced and will involve various stakeholder engagements.
“We assure all stakeholders that their interests will be served as we traverse the path to grow the economy and to enable us be in the position to provide adequate buffers against all risks emanating from all manner of business transactions in real-time.”