This, according to the commission, is because the insurance company is owned and controlled by Leapfrog Investment.

The Deputy Commissioner of Insurance, Mr Simon Nero Davor, told a section of the media that the commission said the acquisition of UT Life by Leapfrog was finalised in December 2015, with Leapfrog having about 84 per cent stake in the business.

He said although the Insurance Act required that all insurance and reinsurance companies fulfilled a minimum capital requirement of GH¢15 million, UT Life Insurance was currently capitalised in excess of GH¢30 million with a capital adequacy ratio of 329 per cent.

Mr Davor said UT Life Insurance had a very strong financial position and would in no way be affected by the takeover.

“The two companies, UT Bank and UT Life Insurance, have separate ownership. In fact in our books at the NIC, Leapfrog is the majority shareholder of UT Life with UT Holdings having about 12 per cent. UT Bank is and has never been a shareholder of UT Life Insurance according to our books,” he observed.

He also stressed that customers of UT Life Insurance should not entertain any fear whatsoever, since the NIC was there to protect them.

“The work of the regulator is to protect the interest of the insuring public. In fact, we owe it a responsibility to ensure that insurance companies are up and doing. I can say emphatically that UT Life is one of the most capitalised life insurance businesses in Ghana currently,” he said.