About Us

Functions

The functions of the NIC include:

  1. License insurers and insurance intermediaries who transact insurance business in Ghana
  2. In consultation with relevant bodies approve and set standards for the conduct of insurance business and insurance intermediary business
  3. Encourage the development of and compliance with the insurance industry’s codes of conduct;
  4. Approve, where appropriate, the rate of insurance premiums and commissions in respect of any class of insurance
  5. Provide a bureau to which complaints may be submitted by members of the public for resolution
  6. Arbitrate insurance claims referred to the Commission by any party to an insurance contract
  7. Recommend to the Minister proposals for the formulation of policies for the promotion of a sound and efficient insurance market in the country
  8. Supervise and approve transactions between insurers and their reinsurers
  9. Undertake sustained and methodical public education on insurance
  10. Take action against any person carrying on insurance business or the business of insurance intermediaries without a licence
  11. Maintain contact and develop relations with foreign insurance regulators and international associations of insurance supervisors and maintain a general review of internationally accepted ,standards for the supervision of insurers and insurance intermediaries
  12. Supervise, regulate and control compliance with the provisions of this Act and Regulations made under it and any other enactment relating to insurance and
  13. Perform other functions that are incidental to the carrying out of its functions under this Act