Ghana:Regulator to issue rules on InsurTech

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By Favour Nnabugwu

 

The National Insurance Commission (NIC) says it will issue regulations soon on InsurTech so as to safeguard customer interests, governance and security.

NIC deputy commissioner of insurance, Mr Micheal Kofi Andoh, speaking at a function organised as part of the Ghana Innolab InsurTech Accelerator Programme in Accra, noted that the new Insurance Act, 2021, has extensive provisions for InsurTechs in Ghana.

However, the regulations that would give effect to the legislation, and lend impetus for innovative solutions in the insurance sector, are yet to be finalised. He indicated that the regulations when issued would help develop the insurance industry.

He urged insurers to work with technology companies to help transform services in the insurance sector.

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