7th IBAG Conference: insurers brace themselves for increased regulation
Over 200 insurance professionals have converged in Tamale in the Northern Region to discuss the impact of increased regulatory requirements on insurance businesses, following the recent recapitalisation of the sector.
The purpose of the meeting is to explore possible means of handling insurance business with the new stated capital for various business lines within the sector.
Speaking to Joy Business ahead of the 3-day annual conference, President of the Insurance Brokers Association of Ghana, Shaibu Ali said “most companies would’ve gone to raise capital to meet the requirement, some will be from equity and all that and so you will see that you have to work extra hard to be able to pay dividends to the owners of these funds.”
Mr. Ali added, “If the regulator is pulling you on one hand with increased regulation it is going to have an impact on you which you have channeled to achieve your financial target; that is why we have gathered here.”
In total, about 230 insurance professionals are expected at the 7th Annual Conference and Exhibition.
The event will feature an opening ceremony and chaired by Commissioner of Insurance, Dr. Justice Yaw Ofori. The Paramount Chief of Sagnarigu, Naa Yakubu Abdulai is expected to grace the occasion as the Special Guest of Honour.
There will also be an opening of exhibition and networking where various insurance companies and brokers will demonstrate their various insurance products and services available.
There will be a Chief Executive Officers or Industry Forum on the interpretation and implications of NIC’s annual reports on insurance businesses as well as corporate agency practices and implication of compulsory insurances.
Day 1 of the event will also feature Young Executives Forum.
The 3-day conference is expected to end with an excursion to the Mole National Park and the Larabanga Mosque together with a CSR visit to TAMASCO and GHANASCO.
The 7th IBAG Annual Conference and Exhibition, 2022 is themed, “the impact of increased regulatory requirements on insurance businesses.”
Source: Ghana News
