The National Insurance Commission (NIC) plans to implement a risk-based capital framework for life insurance companies, according to Mr Kofi Andoh, acting commissioner at the NIC.
He explained that the framework would ensure that the capital of the life insurance companies was commensurate with the risk of their activities, according to a report by the Ghana News Agency.
He said the NIC would implement new initiatives in the sector, such as the development of the Ghanaian mortality table for life insurance and the actuarial capacity building programme to promote the profitability of the life insurance market.
The current mortality table used by Ghanaian life insurance companies does not accurately reflect the country’s insurance market realities because it was designed for South Africa.