2020 NDC Manifesto: What the NDC intends todo in the Insurance Sector

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The opposition National Democratic Congress (NDC) has pledged to adopt a Risk-Based Minimum Capital approach for the insurance sector should they be given the nod in the upcoming December polls.

According to the party’s 2020 manifesto, the minimum capital will be linked to the risks an insurance company carries instead of the current fixed minimum capital regime.

Ghana’s insurance sector which currently has a penetration rate of 2 percent coupled with the coronavirus pandemic could adversely affect the insurance sector in general.

The National Insurance Commission (NIC) on its part in 2019 increased the minimum capital for insurance companies from GHc15 million to GHc50 million.

The Commission further did the same for Reinsurance companies from GHc40 million to GHc125 million.

While the minimum capital requirement for Insurance Broking companies was also increased from GHc300,000 to GHc500,000, the minimum capital requirement for reinsurance broking companies was however maintained at GH¢1 million.

Insurance firms in the country are all required to meet a June 2021 deadline or face collapse.

Pensions

For Pensioners, the opposition NDC has also pledged to pay an annual 13th-month bonus in consonance with the amendment of the National Pensions Act 2008 ACT 76 if elected.

According to the party, the amendment will also afford workers in the SSNIT pension scheme who have contributed for a minimum period of 10 to 15 years an opportunity to use their contribution as collateral loans for housing.

“We will amend the National Pensions Act 2008 ACT 766 to improve both service delivery and financial efficiency in the SSNIT pension scheme.

“It will allow contributing workers such as private teachers amongst others who lose their jobs suddenly due to natural occurrences such as COVID-19 pandemic to be paid stipends while they search for a new job.

Check This Out: NDC announces Sectoral Spokespersons for its Election 2020 ‘People Manifesto’

“Allow workers who have contributed for a minimum period of 10 to 15 years to use their contribution as collateral to access mortgage loans for housing. We will pay pensioners an annual 13th-month bonus,” the Flagbearer of the NDC, John Mahama explained.

Source: www.ghanaweb.com

About Post Author

Ellis Ferdinand

Ellis Ferdinand is the Founder of Education Ghana Media Network ,a parent Company of EducationGhana.net ,an Online Education News Blog and Education Television, an Online Digital Television Channel. Ellis Ferdinand is a Graduate of Accra College of Education and the University of Cape Coast respectively, where he obtained a Diploma In Basic Education and a Bachelor of Education in Accounting. Awards Ellis Ferdinand won Blogger of the Year at the 2018 National Students’ Awards and was also adjudged 14th Best Ghanain Blogger in 2018 among Top 50 Ghanaian Bloggers of 2018. He introduced the Concept of Education Blogging in Ghana in 2014 with his famous blog EducationGhana.net. His Blog won Best Media Promoting Education in 2017, 2018 and 2019 respectively, an Award organized by Neogenics Education Consult. In 2019, He was adjudged the Most Promising West African Blogger of the Year in Nigeria.
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