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NIC extends deadline for submission of motor insurance data by insurance firms

The National Insurance Commission, NIC, says it is expecting all insurance companies to furnish it with information on all motor insurance policy holders by March 2020.

The directive follows the commencement of the Motor Insurance Database, which has replaced the old insurance stickers with an electronic one, to check fake insurance stickers.

In January, the insurance sector regulator announced that it will from January 20, 2020, stop the issuance of old motor insurance stickers.

This has been replaced with an electronic motor insurance sticker. ADVERTISEMENT

Among other things, the new sticker affords the police and the NIC, and even the general public an opportunity to verify the authenticity of an insurance sticker.

The insurance companies were thus expected to submit all data to the Motor Insurance Database which will facilitate the issuance of the new stickers.

Commissioner of Insurance, Justice Yaw Ofori, told Citi Business News insurance firms are complying with the directive.

He however says they will allow an extension till March to ensure full compliance.

“The new vehicles which are being licensed this year are being issued with the electronic motor insurance stickers. We have some policies that were written since January 2019, but they are historical data which have to be updated onto the platform. Some companies have completed the migration, but others are still in the process of doing so,” he remarked.

The NIC boss who was speaking on the sidelines of a training session for some personnel of the Motor Traffic and Transport Department of the Ghana Police Service further said, “We gave them deadline, but since we are dealing with technology, we are accommodating some challenges that are impeding the migration hence the extension.”

The Director General for the Police MTTD, COP Beatrice Zakpa Vib-Sanziri, pledged her outfit’s commitment to clamp down on all vehicle owners who fail to heed the new directive issued by the NIC.

The first batch of training is for eighty officers drawn from the Accra and Tema regions.

These beneficiaries are expected to transfer the knowledge to others, as four hundred officials are expected to be trained on the new system.

With the new electronic insurance stickers, verification could be obtained by scanning a QR code on display or dialing a short code issued and publicized by the NIC.

source:citibusinessnews

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