SIC borrowed to pay dividends while paying MD ‘fat’ salary – Ex-shareholder alleges

Former SIC shareholder and chartered insurer, Larry Kwesi Jiagge, has alleged that the State Insurance Company (SIC) borrowed funds in 2023 to pay dividends, creating a misleading picture of profitability.

Speaking on Joy FM, Jiagge criticized the National Insurance Commission (NIC) for failing to enforce regulations despite repeated warnings about SIC’s financial practices.

He also highlighted SIC’s asset sales, stating the NIC took a year to respond to his petition.

His claims follow recent leadership controversies, including the dismissal of former MD Hollistar Duah-Yentumi.

Jiagge called for stricter oversight to restore confidence in the insurance sector, as concerns grow over transparency and regulatory enforcement within SIC and the NIC.