SIC life dissociates itself from SIC fraud scandal

SIC Life Company Limited has assured its clients that the integrity of their policies and investments are intact.

This follows panic withdrawals and termination of policies after reports that two directors of the State Insurance Company have stolen huge sums of money from the state insurer.

The two the Deputy Managing Director in charge of Finance and Administration Musa Abdulai and the Head of Finance and Accounting Ken Acolatse have since been arrested by the Police.

According to reports the two are alleged to have stolen 1.1 million dollars and 700,000 cedis.

In a statement signed by the Board and Management of SIC life Company Limited, the company affirmed that it has existed as a totally separate legal entity since 2007.

SIC Life Company Limited (SIC Life) was formed in February 2007 with a distinct Board of Directors and Management to undertake life insurance business in accordance with the provisions of the Insurance Act, 2006 (Act 724).

In 2010, SIC Life incorporated SIC Life Trust Finance Limited, a wholly owned subsidiary to offer loans to the general public.

According to the insurance industry performance statistics for the third quarter of 2014, SIC Life had achieved a premium income of GH¢25, 960,873 and a market share of 28%, making SIC Life the leader in the life insurance sector.