Africa-Press – South-Sudan. The Executive Director of the Central Equatoria State Insurance Regulatory Authority, Gama Diodone Lobakare, called on organizations and individuals to get insurance for compensation in cases of losses.
Speaking exclusively to The City Review yesterday, Lobakare stressed the importance of acquiring insurance policies for both national and international organizations to cover unprecedented cases.
“We provide legal operation licenses after the company gets legal documents from the ministry of justice in order for the clients not to face any difficulties while operating in the state without any hindrance,” he stated.
He further warned that “any organization that fails to comply with the authority will be fined SSP 5000, although plans are underway to increase the fines to SSP100,000” to avoid defiance.
“We are waiting for approval from the state council of ministers so that we can increase the fines for those who do not comply and cooperate with the authority,” he warned.
Mr Lobakare said the regulatory body had registered 98 companies and organizations that have signed up for policies with international insurance companies such as UAP, Britam, among others. Local insurance companies, such as New Sudan, and Juba Insurance, were also involved.
“The instances business is important because it helps payback for the lost properties,” he said. “There are also life insurance policies, compensation policies on risks, and others.” It can also facilitate loans, and the registration of the companies is at a low price.”
According to Lobakare, the directive is to streamline the business sector so that traders and employers do not have to incur losses and suffer disruptions whenever accidents occur, like a fire.
“We welcome individuals, companies, and organizations to join the family of insurance. Many people are not aware of insurance, so we need to assure the public that life insurance is very important and not compulsory.”
The executive director said the regulatory body is ready to create awareness among the people about the salience of insurance policies and will not tire of using all the means possible within its power.
“We have been registering companies in Central Equatoria State, and so far we are the trusted regulatory authority in the state because we do cooperate with the people in the state,” he said.
The Central Equatoria State Insurance Regulatory Authority is a legal entity that was established in 2014 with the aim of ensuring the regulation and operation of insurance businesses legally in the state.
Source: The City Review South Sudan
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