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 Commissioner of Insurance, Mr. Justice Ofori, has advised Chief Executive Officers (CEOs) and Chief Finance Officers (CFOs) of insurance companies in the country to take advantage of the risk management opportunities occasioned by the emergence of the COVID-19 pandemic. According to the commissioner, these include the development of new products to meet the demands […]Read More
The National Insurance Commission (NIC) has commenced the training of some 250 National Service Personnel posted to the Urban Traffic Management Unit of the Motor Traffic and Transport Department (MTTD) of the Ghana Police Service. The training which forms part of the Commission’s structured agenda to create insurance awareness in the Country is expected to […]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.
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.