On 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 in totality, and notes and bonds held by individuals (natural persons).
The attention of the National Insurance Commission (NIC) has been drawn to the soliciting of fees, commissions and / or other remuneration by entities not licensed by the NIC, from insurance companies in exchange for the performance of the following:
1. Referring clients, customers or any other person whether individual or corporate to the insurer.
2. Soliciting insurance business for the insurer.
3. Inviting another person or causing that person to be invited as a customer through an advertisement or otherwise.
4. Performing any other function of an agent assigned to that person by the insurer.
5. The performance of any other function with respect to insurance.
The above-mentioned activities, for which fees, commissions and / or other remunerations are solicited and paid are the preserve of insurance intermediaries duly licensed by the National Insurance Commission (NIC) for that particular purpose.
This notice shall serve to issue a caution to BANKS, other FINANCIAL INSTITUTIONS and the general public that per Section 109 of the Insurance Act 2021, (Act 1061), it is a breach of the law to carry on or purport to carry on business as an insurance intermediary unless that person or body corporate holds a licence issued by the National Insurance Commission (NIC) for that purpose.
A person is considered to carry on business as an insurance intermediary in the country if that person by way of business as an insurance intermediary, occupies premises in the country or invites another person in the country or causes another person to be invited as a customer through an advertisement or otherwise.
A person purports to carry on business as an insurance intermediary where that person uses any name, style, designation, description, title or trade mark that represents or implies that the person is an insurance intermediary, whether or not that person has been issued a licence for that purpose.
Per Section 109 (4), a person who carries on or purports to carry on business as an insurance intermediary when that person is unlicensed for that purpose is:
1. Liable to a term of imprisonment of not less than two (2) years and not more than five (5) years or,
2. Liable to pay the Commission an administrative penalty of not less than 2,500 penalty units and not more than 10,000 penalty units.
ALL REGULATED ENTITIES OF THE NATIONAL INSURANCE COMMISSION (NIC), VIZ; REINSURERS, INSURERS AND INSURANCE INTERMEDIARIES ARE ALSO HEREBY CAUTIONED AND SHOULD BE GOVERNED ACCORDINGLY
The National Insurance Commission (NIC) has in accordance with Section 88 of the Insurance Act 2021 (Act 1061) approved an application for a merger of Phoenix Life Assurance Company Limited and Ghana Union Assurance Life Company Limited.
Upon successful implementation of the merger, the name of the merged entity will be Ghana Union Assurance Life Company Limited. All policyholders of Phoenix Life Assurance Company Limited whose policies have not expired, will become policyholders of Ghana Union Assurance Life Company Limited.
Issued for the attention of the Policyholders and the General Public.
25th March 2022
It has come to the notice of the National Insurance Commission (NIC) that a publication on the above-mentioned product which is purported to be mandatory for all international travelers arriving in Ghana effective end of first quarter 2022 is being circulated.
The NIC wishes to advise the general public that the said ‘Akwaaba Insurance’ has not been approved by the Commission and as such any publication to that effect should be disregarded.
Thank you.
Issued by: The Public Relations Unit
25th January, 2022
The National Insurance Commission imposed supervisory restrictions on RegencyNem Insurance Ltd. since 19th April, 2021 following some regulatory breaches which the firm has not been able to resolve. In line with the Commission’s mandate under the Insurance Act 2021 (Act 1061) to protect the interest of past, current and prospective customers of the company, it is hereby announced for the information of the general public that Ms. Dzidzorli Adzo Asafo has been appointed as the Statutory Manager of RegencyNem Insurance Ltd with effect from 12th August 2021, in accordance with Section 99 of the Insurance Act 2021(Act 1061).
In accordance with the Insurance Act 2021 (Act 1061) the Statutory Manager shall exercise the powers of the shareholders and directors, and shall have control of and manage the business, assets, liabilities and affairs of RegencyNem Insurance Ltd.
Issued by the Commissioner of Insurance
12th August, 2021
The National Insurance Commission imposed supervisory restrictions on Heritage Energy Insurance Company Ltd. since July 2019, following some regulatory breaches which the firm has not been able to resolve. In line with the Commission’s mandate under the Insurance Act 2021 (Act 1061) to protect the interest of past, current and prospective customers of the company, it is hereby announced for the information of the general public that Mr. Richard Okyere has been appointed as the Statutory Manager of Heritage Energy Insurance Company Ltd with effect from 22nd July 2021, in accordance with Section 99 of the Insurance Act 2021(Act 1061).
In accordance with the Insurance Act 2021 (Act 1061) the Statutory Manager shall exercise the powers of the shareholders and directors, and shall have control of and manage the business, assets, liabilities and affairs of Heritage Energy Insurance Company Ltd.
Issued by the Commissioner of Insurance
22nd July, 2021