Three Insurance Companies are set to lose their licenses to operate in the country in the coming weeks.  

It follows their inability to meet the new minimum capital requirement of GHC15 million as at the end of September.

Even though the National Insurance Commission is tight-lipped about their names, JOYBUSINESS understands they are all local life insurance firms.

Deputy Insurance Commissioner Simon Davoh, however, says they have measures in place to protect policy-holders of these firms.  

He said a fund and some regulatory measures have been instituted to ensure that policyholders are safe.

Earlier this year, about eight companies were on their way to losing their license if they fail to meet the minimum capital of GH¢15 million by September. 

However, the number was reduced to four by September ending and currently the Commissioner says the number has reduced to three.

In a related development, the Commission has withdrawn the license of life Assurance Company, Adamas. 

According to the Commission, it took the action, because of the company’s inability to meet some regulatory requirements. 

Adamas was recently given approval by the regulator to operate in the country.