National Insurance Commission v. Beige Assure Company Limited

WHEREAS: The Applicant instituted this action against the Respondent on the 27th day of December, 2018for the following reliefs: i. An order preventing the Respondent or any other person connected with the Respondent from transferring, disposing of or otherwise dealing with the property in the Respondent’s custody or control, ii.

An order appointing an Administrator to take over and manage the business of an insurer carried on by the Respondent immediately before the revocation of the Respondent’s licence, iii.

Any other orders as this Honourable Court may deem fit.

NOW THESE TERMS OF SETTLEMENT WITNESS AS FOLLOWS: 1) That this Honourable Court grants relief (i) above and grant a protection order in the terms therein prayed to restrain the Respondent or any other person connected with the Respondent from transferring, disposing of or otherwise dealing with property in the Respondent’s custody or control.

1. That this Honourable Court grants relief (ii) and appoint an Administrator to carry on the business of an Insurer carried on by the Respondent immediately before the revocation of the Respondent’s licence.

2. That the Administrator appointed under paragraph 2 above shall work with the present Management of the Respondent for a period of at most one year commencing from the date of appointment of the Administrator.

3. That members of the Management team of the Respondent so retained by the Administrator shall be subject to the lawful instructions of the Administrator and shall report directly to the Administrator.

4. That the Administrator is authorized by reason of his appointment to review the conditions of service of the Management team so retained by the Administrator.

5. That notwithstanding paragraph 3 above members of the Management team so retained by the Administrator shall be subject to the general laws of the Republic of Ghana on employment and the Administrator shall retain the right to disengage their service in accordance with the prevailing law and contract between the parties.

6. That it is agreed that these Terms of Settlement shall be filed and embodied in a Court order.

7. That it is agreed that there shall be no order as to costs in these proceedings.

8. That the Parties herein have agreed that the above Terms of Settlement shall be the final and effectual settlement of all claims and reliefs in this suit and prays for same to be adopted as Final Judgment in this matter.

DATED AT ACCRA THIS 20TH DAY OF FEBRUARY, 2019.

SGD