Welcome to the website of the National Insurance Commission (NIC). The NIC was established by the Insurance Act, 2021 (Act 1061), 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 ONE THOUSAND AND SIXTY-FIRST ACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA ENTITLED INSURANCE ACT, 1061 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: 5th January, 2021. 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) produces various kinds of reports and statistical data for the consumption of industry players and the general public.
Dr. Justice Yaw Ofori, Commissioner of Insurance, has re-echoed the need for property owners to take up Fire Insurance policies to protect their buildings. “Fire Insurance gives you much protection against any peril, as well as shields anyone who enters or uses your premises” he said. He noted that some individuals have a foot-dragging attitude […]
Read MoreOn 5th December 2022, the Government of Ghana launched Ghana’s Domestic Debt Exchange programme, an invitation for the voluntary exchange of approximately GHS137 billion of the domestic notes and bonds of the Republic, including E.S.L.A. and Daakye bonds, for a package of New Bonds to be issued by the Republic. The Exchange excludes Treasury Bills […]
Read MoreThe Insurance Industry is governed by Insurance Act 2021, ACT 1061. 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.
List of Insurance and Reinsurance companies licenced by the National Insurance Commission and are in Good standing
List of intermediaries licenced by the National Insurance Commission and are in Good standing
The NIC aims to streamline the Insurance Industry with the issuance of guidelines to regulate the insurance market.
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.