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IS MARINE INSURANCE COMPULSORY?
posted on 23/08/2022 @ 12:49 PM
The National Insurance Commission (NIC) has stated that starting September 1, 2022, without local marine insurance all commercial shipments into the country cannot be cleared.
According to the regulator of insurance, enforcement of the law on ‘Marine Insurance’ takes effect next month – meaning if goods are not insured locally, access will not be granted to them; hence, importers must take note and comply accordingly.
The regulator emphasised that the Insurance Act 2021 (Acts1016) section 222 makes this clear, but enforcement has not been ensured till now.
Senior Manager, Marketing & External Relations-NIC, Charles Ansong Dankyi, speaking at the launch of Marine Insurance Portal by Coronation Insurance indicated that the NIC in collaboration with the Ghana Revenue Authority (GRA) Customs division and Ghana Shippers Authority (GSA) have formed a tripartite committee to monitor and enforce implementation of this regulation.
“From 1st September, the marine insurance system goes live for local insurance of all imported goods and services beyond personal goods or imports.
“For the public, it is important to note that the regulator has closed the gaps or loopholes in the system; and if anyone who imports does not locally insure the goods, the GRA system will not recognise it and the person will have to purchase another insurance policy locally to execute the transaction,” he said.
He stressed that the tripartite body will work closely in developing an enabling environment to ensure that local insurance of imported goods is done seamlessly to the benefit of the public.
Managing Director-Coronation Insurance Ghana Ltd., Adedayo Arowojolu, touching on the preparedness and ability of local insurance companies to underwrite marine insurance, indicated that his outfit has already developed a digital platform for the marine insurance initiative and collaborated with both players and regulatory agencies to ensure it works seamlessly.
He added that rewriting as well as collaboration among insurance companies is the way to go, as it will provide the capacity and environment to grow and develop the industry.
“This is because with collaboration risk factors will be shared among insurers, and this is a common practice in other parts of the world,” he stated.
According to the regulator of insurance, enforcement of the law on ‘Marine Insurance’ takes effect next month – meaning if goods are not insured locally, access will not be granted to them; hence, importers must take note and comply accordingly.
The regulator emphasised that the Insurance Act 2021 (Acts1016) section 222 makes this clear, but enforcement has not been ensured till now.
Senior Manager, Marketing & External Relations-NIC, Charles Ansong Dankyi, speaking at the launch of Marine Insurance Portal by Coronation Insurance indicated that the NIC in collaboration with the Ghana Revenue Authority (GRA) Customs division and Ghana Shippers Authority (GSA) have formed a tripartite committee to monitor and enforce implementation of this regulation.
“From 1st September, the marine insurance system goes live for local insurance of all imported goods and services beyond personal goods or imports.
“For the public, it is important to note that the regulator has closed the gaps or loopholes in the system; and if anyone who imports does not locally insure the goods, the GRA system will not recognise it and the person will have to purchase another insurance policy locally to execute the transaction,” he said.
He stressed that the tripartite body will work closely in developing an enabling environment to ensure that local insurance of imported goods is done seamlessly to the benefit of the public.
Managing Director-Coronation Insurance Ghana Ltd., Adedayo Arowojolu, touching on the preparedness and ability of local insurance companies to underwrite marine insurance, indicated that his outfit has already developed a digital platform for the marine insurance initiative and collaborated with both players and regulatory agencies to ensure it works seamlessly.
He added that rewriting as well as collaboration among insurance companies is the way to go, as it will provide the capacity and environment to grow and develop the industry.
“This is because with collaboration risk factors will be shared among insurers, and this is a common practice in other parts of the world,” he stated.