The National Insurance Commission has outlined possible sanctions against insurance companies found to be charging ridiculously low premiums. The insurance commissioner on Monday announced a special audit to identify companies undercutting their competitors unfairly. Though the practice tends to favor policy holders because it drives premiums down, the regulators think it is not good for the insurance business. But speaking to Joy News, the Head of the National Insurance Commission, Mrs Josephine Amoah, said the commission is considering a number of punitive measures including imposing penalties on non-complying entities. He said the commission might also consider naming-and-shaming as another deterring measure and the seizure of license as a last resort. Two firms join in Meanwhile two foreign insurance firms could be licensed to operate in the country pending the approval of their application by the National Insurance Commission board. Their approval would see an increase in the number of insurance companies in the country move up from 38 to 40. The commission over the years signaled its willingness to license more companies to increase the industry’s ability to accommodate bigger risks especially in readiness for the oil and gas sector. The two firms awaiting approval are said to be European-based. Play attached audio for the comments of the NIC on firms found culpable of undercutting Source: Joy Business/Myjoyonline.com/Ghana