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African Insurance Aid (AIA) has called on Commissioner of Insurance, Mr Justice Yaw Ofori, to intervene in the uproar among National Service Personnel regarding the compulsory insurance to prevent it from collapse.

According to AIA, the provision of insurance services for National Service persons was unquestionably a good policy considering the state of the country’s social systems and economic status “Policies like these are supposed to serve as self-security for the vulnerable in the society.”

A statement issued and signed by Chief Executive Officer of AIA, Mr Ali Mohammed Sulley, described insurance as a major tool for risk management and that service personnel were certainly not devoid of such risk in the course of their duties.

“As a result of this, AIA humbly requests that the Commissioner of Insurance to intervene and bring the matter to a closure without it being referred to the highest office of the land. The Commissioner of Insurance as part of his mission is to grow insurance penetration in the country and so cannot afford to lose out on a population of 90,000 service persons,” the statement said.

“The Commissioner and the Director of National Service have what it takes to make the policy a success. Consequently, we suggest that the Commissioner refers the matter to the Compulsory Insurance Committee which was inaugurated two years ago with specific terms of reference. The Committee should advise the commission and the National Service Secretariat on the best approach to implementing the policy,” the statement said.

AIA however, recommended that the actuarial unit of the commission should ascertain the adequacy or otherwise of the intended monthly premium of GH¢15 per personnel.

“Once the commission is satisfied with the rating and the corresponding benefits, all insurance companies should be allowed to participate in underwriting the policy for the personnel,” the statement noted.

It further recommended that premium should be paid once to the selected insurer by the service personnel during the National Service registration, and submit certificate of insurance to the scheme as evidence of insurance.

“The service personnel may appoint an insurance broker or agent to sign the policy for them with the insurance company of their choice. We also wish to state that going forward any new compulsory insurance policy that goes beyond one body or association of persons must be assessed and approved by the commissioner through the Compulsory Insurance Committee to ensure healthy business conducts. This may avoid or reduce any brouhaha that may affect future policies of insurance which seek to address some social challenges in the country,” the statement concluded.