Insurance Commissioner, Justice Yaw Ofori has advised insurance companies in the country to either play by the rules of the Commission or fold up.

According to him, the decision to recapitalize has been taken in the interest of the insurance industry and will not be reversed.

Mr Ofori was speaking in an exclusive interview on TV3’s Business focus, Monday.

He cited the impact of the banking crises on insurance companies and the need to ensure good corporate governance within the industry.

According to him the commission has begun reviewing the road map to recapitalization by the insurance companies.

When asked about the extent of related party transactions and corporate governance breaches in the industry, Mr Ofori said “it is a very serious issue in the industry which has affected the operations of many of our companies”.