NIC, Enforces Compulsory Fire Insurance Regulations

Data released by the National Insurance Commission (NIC) has revealed that compliance with the compulsory fire insurance cover regulations is improving as complaints of non- compliance has currently fallen below 20 percent as against 45 percent in 2016 and 2017.

However, Joseph Bentor, Head of NIC’s the National Task Force added that non-compliance levels in the Eastern Region and the three Region of the North remain above 40 percent. Mr. Bentor was speaking during an exercise that included the Media, The Police Service and The Fire Service.

At the event, the security swooped on owners and occupants of private commercial properties in the Kaneshie, Odorkor areas.

Owners of these properties have paid deaf ears to warnings by the Commission after series of caution to adhere to sections 183 and 184 of the Insurance Acts of 2006 (Acts 724) which require that all privately owned commercial buildings insure their properties against fire, collapse, earthquakes and related perils.

“Compulsory insurance of commercial property is like the Vehicle Insurance, whether you like it or not you have to do it.” Mr. Bentor added.

He said, since July 2018, the NIC has consistently cautioned owners and occupants of uninsured properties to acquire fire insurance certificate or risk arrest.

The three-hour exercise led to the arrest of about seven persons, including managers, caretakers and occupants of manufacturing and pharmaceutical firms and shops which are uninsured at Darkuman and Odorkor stretch.

The affected commercial properties were CCT Fisherman dealers in fishing nets and accessories, Max Professionals at Darkuman junction, the New Global Pharmaceuticals and Ernest Chemist at Odorkor, and Sunda International producers of kleen soft detergent and building materials.

The rest are Meridian Pre-University, Rikpto Company and Superman Engineering, dealers in auto Lubricants.

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Source: goldstreetbusiness.com