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A former shareholder of the State Insurance Company (SIC) and chartered insurer, Larry Jiagge, has expressed deep frustration over the company’s financial management and the National Insurance Commission’s (NIC) handling of regulatory breaches.
Speaking on Joy FM’s Super Morning Show on Friday, February 7, Jiagge alleged that in 2023, SIC borrowed money to pay dividends to shareholders, creating a misleading impression of profitability.
“They went to borrow money to pay that dividend. I can tell you that for a fact; I was a shareholder then,” he revealed.
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According to him, the full extent of SIC’s financial struggles only became evident later, raising serious concerns about transparency within the company’s operations.
Jiagge also criticised the NIC for failing to enforce its own regulations, despite his repeated written warnings about SIC’s financial practices.
“There are things you can’t talk about on air. Some of these problems had the stamp of the National Insurance Commission,” he asserted. “They don’t enforce their own law, and I had pointed this out to them in writing all the time.”
His remarks follow recent controversies surrounding the immediate past SIC Managing Director, Hollistar Duah-Yentumi, who initially refused to hand over to newly appointed acting MD, James Agyenim-Boateng. Duah-Yentumi later filed a lawsuit challenging her dismissal but eventually withdrew it.
Jiagge further recounted his efforts to raise concerns when SIC began selling off assets, noting that the NIC took an entire year to respond to his petition.
“When the response finally came, it merely reflected the position taken by SIC itself, stating that the approval of shareholders had been obtained for the asset disposals,” he noted.
He urged the regulator to strictly adhere to its own laws and warned against lax oversight in the insurance sector, emphasising the need for stronger regulatory enforcement to restore public confidence.
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