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Ghana Union is working to unify Phoenix

 


Ghana Union Assurance Life Company Limited and Phoenix Life Assurance Company Limited have integrated their businesses to meet the new capital requirements established by the National Insurance Commission (NIC) to continue their business. This allows the Board of Directors to approve or reject the merger application after the NIC approves the merger under Section 88 of the 2021 Insurance Act (Law 1061). If the merger is successful, the joint venture will become Ghana Union Assurance Life Company Limited.

In a press release on the imaging industry, the board stated that not all policyholders of Phoenix Life Insurance Company need to be underwriters of Ghana Life Insurance Company. The merger was agreed as part of NIC's efforts to protect the image of the industry and regulators and save employment after the industry collapses. Investment increases on the final day. After the new investment deadline of 31 December 2021, some insurers realized that they did not meet the new standards needed to reopen their businesses.

Some companies are unable to meet the requirements set by the Commission and currently the process is at risk of losing its license if it does not comply with the rules. NIC hasn't announced an extension yet, but is currently working with affiliates to solve problems in ways that protect the image of the industry, protect law enforcement agencies, and save employment. In June 2019, NIC announced a new investment in the country's insurance company after a series of meetings and discussions between industry players and executives. .

All companies must meet this new requirement by June 30, 2021. However, six months before the deadline, the NIC extended the deadline by six months until January 2022 due to the global outbreak of COVID-19, which has disrupted international trade.

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