The Chamber of Banking and Insurance Consumers in threatening legal action against the National Insurance Commission over the implementation of CAP directive on Limits of Motor Injury and Death Claims from July.
The Chamber is not happy with the procedure being used by the NIC to implement the directive.
It wants the NIC to immediately suspend its implementation to ensure computation of Motor injury and death is done correctly.
Executive Chairman of the Chamber of Banking and Insurance Consumer, Edmund Nelson Amassah tells Starr Business the NIC’s action is in clear violation of the law.
“We are saying that the procedure they are seeking to use to implement section 44 of the Insurance Act is against the Law. It is against the law. We are hoping and praying that they will listen and amend their ways accordingly. If they seek to go ahead we don’t have any option than to seek an injunction from the court,” Mr Amassah said.
He added, “What they are seeking to do is to cap limit on an area that you cannot do so. We are talking about life and death; you cannot put a value on any life”.
The Chamber wants the NIC to seek parliamentary approval before implementing the CAP directive on Limits of Motor Injury and Death Claims from July.
Source: Ghana/Starrfm.com.gh/103.5FM