Halt implementation of Insurance Act 2021 – GUTA to Government
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The Ghana Union of Traders Association (GUTA), is calling for the suspension of the implementation of the Insurance Act 2021 due to some clauses the association finds problematic.
Per the law, importers are to insure their goods only with local insurance companies.
The law also prescribes a jail sentence for importers who do not comply with the mandatory Marine Insurance Policy.
President of GUTA, Dr Joseph Obeng stated that “It is a law that mandates me to compulsorily take an insurance company where the service is not being bettered, where I can have better service out there where I have my suppliers who owe my goods also opting for their preferred insurance companies and all that.”
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“I don’t think they’ve taken their time to dissect the issues.”
He further stressed that the law must be given a second look to protect the interest of importers.
The Importers and Exporters Association had also earlier raised concerns about the custodial sentencing clause in the Ghana Insurance Act 2021. They called for a review of that portion of the law adding that it was imperative to preserve the sector.
The Insurance Act 2021 received presidential assent in February 2021.
It seeks to drive the growth of the domestic insurance industry by mandating the purchase of certain types of insurance as well as by strengthening internal governance requirements and the supervisory framework for insurers.
