Welcome to the website of the National Insurance Commission (NIC). The NIC was established by the Insurance Act, 2006 (Act 724), which replaced Insurance Law, 1989 (P.N.D.C.L. 227). Its object is to ensure effective administration, supervision, regulation, monitoring and control of the business of insurance, to protect insurance policyholders and the insurance industry. The NIC, […]
THE SEVEN HUNDRED AND TWENTY-FOURTH ACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA ENTITLED INSURANCE ACT, 2006 AN ACT to revise the law relating to insurance in order to provide comprehensive provisions for the regulation of the insurance industry and for related matters. DATE OF ASSENT: 29th December, 2006. ENACTED by the President and […]
Write a formal letter addressed to the Commissioner of Insurance, or call personally at the offices of the Commission. The petition should state briefly the reasons for the complaint. Copies of the following documents (in the case of a motor claim) should accompany the complaint: a) Police report b) Medical report c) Two passport size […]
The National Insurance Commission (NIC) intends to apply part of its budgetary allocation to fund eligible payments under the Contracts for the supply of the under listed items and do hereby invite sealed Tenders from eligible Suppliers. Supply and Delivery of 4WD Station Wagon (Lot 1) Supply and Delivery of Saloon Vehicle (Lot 2) Supply […]
The National Insurance Commission (NIC) in pursuit of its statutory function wishes to inform the General Public that: Adamas Life Assurance Company Limited is undergoing regulatory intervention to improve its operational efficiency: In view of this, the company has been directed (among other things): • To stop writing new insurance business • Not to renew […]Read More
National Insurance Commission (NIC) has donated medical equipment worth about GH¢28,000 to the Accident Centre of the Korle-Bu Teaching Hospital. The commission made the donation on Friday as part of activities to commemorate its 25th anniversary held under the theme: ‘Advancing The Frontiers of Insurance In Ghana’. The items included one patient monitor and about […]Read More
The Insurance Industry is governed by Insurance Act 2006, ACT 724. This Act complies significantly with the International Association of Insurance Supervisors (IAIS) Core Principles and gives better regulatory powers to the National Insurance Commission. (See Act and Regulations for more information on the Act).
The Act among other things prohibits composite insurance companies. All composite insurance companies therefore had to separate their life and nonlife operations into different companies by December 2007.
The Compensation Fund was set up in 1996 by the National Insurance Commission in conjunction with the insurance companies which underwrite motor insurance business.
The Fund will compensate anybody who has been Injured after 1996 but who is unable to obtain compensation from an insurance company.
The Fund is not meant to relieve insurance companies of their liabilities under policies they have issued. Neither does it intend to encourage motorists not to insure their vehicles or to relieve motorists of their obligations to the victims.