NATIONAL INSURANCE COMMISSION SETS CAP ON MOTOR INJURY AND DEATH CLAIMS

The National Insurance Commission (NIC) has exercised its powers conferred by Section 44 of the Insurance Act, 2006 (Act 724) and issued a directive to impose limits on Motor Injury and Death claims in the country. Section 44 of the Insurance Act...

Florida Teacher Accused of Staging Accident in $15K Insurance Fraud Scheme

A Florida elementary school teacher was arrested on multiple felony charges including insurance fraud and organized scheme to defraud for allegedly staging a fake car accident in a local Publix parking lot, according to a statement from Florida CFO...

NIC increases minimum capital requirement for insurance companies

The National Insurance Commission has increased the minimum capital requirement for insurance companies in the country from ¢15million to ¢50 million. According to a statement from the NIC, insurance companies have up until June 30, 2021, to meet...

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