Cabinet has approved a new bill presented to it by the National Insurance Commission (NIC) to replace the current Insurance Act, which has existed since a year after independence and has outlived its relevance in modern insurance practice. The bill, if passed into law, will deepen insurance penetration as it will add another three compulsory insurances to the already-existing two – a move that is expected to hugely impact the sector as NIC projects the current insurance penetration rate to...

Head of Supervision at the NIC, Seth Eshun As part of measures to enforce motor insurance compliance and safeguard vehicle users, the...