The State Interests and Governance Authority (SIGA) has rejected allegations that it directed state-owned enterprises (SOEs) to channel insurance business exclusively to SIC Insurance PLC and SIC Life Company Limited.
Dr. Michael Kpessa-White, Director General of SIGA, made the clarification during an interview with Joy FM Newsnight on Wednesday following a report by policy think tank IMANI Africa.
IMANI had published documents suggesting that letters from SIGA were pushing SOEs to prioritise the two state insurers.
Dr. Kpessa-White explained that the letters were intended only to ensure SIC and SIC Life “remain at the table” during insurance competitions and were not meant to concentrate SOE insurance in their hands.
“What Joy FM is not being told by IMANI Africa perhaps Kay Cudjoe, who is leading the crusade, so to speak, is that there is an earlier letter that was written to the specified entities, which includes the SOEs, that probably has not been shared with Joy FM. Because the conversation needs to start from that particular letter.
“That letter was encouraging the heads of our specified entities to ensure that SIC and SIC Life, as the state insurers, stay at the table whenever there is an insurer competition.
“Never in any of those letters were they being directed to concentrate their insurance in the hands of SIC or SIC Life,” he clarified.
He further noted that an earlier letter had been sent to SOEs and other specified entities, clarifying the role of state insurers and prompting SIGA to hold a meeting with SIC, SIC Life, and private insurers to address concerns.
“After the meeting, all parties understood the guidance, and there was no issue of monopolisation,” Dr. Kpessa-White said.
The Director General also suggested that some private insurers may have misrepresented the letters, noting that SIGA plans to identify those who have done so publicly.
He stressed that the goal of SIGA’s oversight is to safeguard state interests, ensure fair competition, and promote value retention within SOEs.
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Source: www.myjoyonline.com