Ghana Insurance Act 2021
Ghana Insurance Act 2021
Ghana Insurance Act 2021
ARRANGEMENT OF SECTIONS
Section
The Commission
1. Establishment of the Commission
2. Objects of the Commission
3.. Functions of the Commission
4. Guiding principles
5. Independence of the Commission
Governance of the Commission
6. Governing body of the Commission
7. Functions of the Board
8. Duties and liabilities of members of the Board
9. Tenure of office of members of the Board
10. Meetings of the Board
11. Resolutions of the Board without a meeting
12. Reliance on report, financial data and other information
13. Disclosure of interest
14. Avoidance of transactions in breach of section 13
15. Establishment of committees
16. Allowances
17. Policy directives
Administrative Provisions
18. Appointment of the Commissioner of Insurance
19. Qualification of the Commissioner
20. Functions of the Commissioner
21. Appointment of the Deputy Commissioner of Insurance
22. Qualification of the Deputy Commissioner
23. Functions of the Deputy Commissioner
24. Secretary to the Board
25. Appointment of other staff
26. Publication of appointment and revocation of appointment
27. Internal Audit Unit
Financi.al Provisions
28. Funds of the Commission
29. Bank account of the Commission
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FIRST SCHEDULE
Table of Offences and Penalties
SECOND SCHEDULE
Classes ofPersons and Properties Covered
by Compulsory Insurance
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REPUBLIC OF GHANA
ACT
OF THE PARLIAMENT OF THE REPUBLIC OF GHANA
ENTITLED
INSURANCE ACT, 2021
AN ACT to establish the National Insurance Commission, to provide
for the regulation and supervision of the insurance market and for
related matters.
DATE OF ASSENT: 5m January, 2021.
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(8) Subject to this section, the Board shall determine the procedure
for the meeting of the Board.
Resolutions of the Board without a meeting
11. (1) The Board may pass a resolution without holding a meeting if
(a) the Board, at a meeting, has
(i) resolved that resolutions may be passed under this
section; and
(ii) approved procedures for passing a resolution under
this section, including the method for members of
the Board to indicate the approval of the resolution;
(b) a majority of the members of the Board indicate agreement
with the resolution in accordance with the procedures
referred to in subparagraph (ii) of paragraph (a); and
(c) all the members of the Board were informed of the proposed
resolution or in a case where a member of the Board was
not informed of the proposed resolution, reasonable effort
was made to inform that member of the Board of the
proposed resolution.
(2) A resolution passed under this section shall take effect as if the
resolution was passed at a meeting of the Board.
Reliance on report, financial data and other information
12. (1) A member of the Board may rely on a report, financial data,
professional or expert advice or any other information prepared or given
by
(a) an employee of the Commission who the member
reasonably believes to be reliable and competent in relation
to the matters concerned;
(b) a professional or expert in relation to matters that the
member reasonably believes to be within the competence
of that person;
(c) another member of the Board; or
(d) a committee of the Board on which the member of the
Board did not serve.
(2) This section applies to a member of the Board who
(a) acts in good faith;
(b) makes a proper inquiry if the circumstances require the need
for that inquiry; or
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(2) The Commission shall, at the end of each financial year, submit
the accounts of the Commission to the Auditor-General for audit.
(3) The Auditor-General shall, within six months after the end of
the immediately preceding financial year, audit the accounts, submit the
report to Parliament and forward a copy each of the audit report to the
Minister and the Commission.
(4) The financial year of the Commission is the same as the
financial year of Government.
Annual report and other reports
35. (1) The Commission shall, within thirty days after the receipt of
the audit report, submit an annual report to the Minister covering the
activities and operations of the Commission for the year to which the
annual report relates.
(2) The annual report shall include the report of the Auditor-
General.
(3) The Minister shall, within thirty days after the receipt of the
annual report, submit the report to Parliament with a statement that the
Minister considers necessary.
(4) The Commission shall submit to the Minister any other report
that the Minister may require in writing.
Prohibitions and Restn'ctions
Prohibition against unlicensed insurance business
36. (1) Subject to section 37, a person shall not carry on or purport to
carry on an insurance business unless that person holds a licence that
authorises the person to carry on the insurance business in accordance
with this Act.
(2) Without limiting subsection (1), a person
(a) is considered to carry on an insurance business if the person,
as an insurer or reinsurer
(i) enters into a restricted insurance contract;
(ii) occupies any premises in the country with a view
to carry on an insurance business; or
(iii) makes an offer to or invites a person resident in the
country to enter into, renew or vary an insurance
contract; and
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Contact office
47. The Commission may, on the application of a foreign reinsurer,
grant approval, in writing, for the establishment by that reinsurer of a
contact office in the country.
Cancellation of licence
48. (1) Subject to subsection (2), the Commission may cancel an
insurance licence or a reinsurance licence if
(a) the insurer or reinsurer applies to the Commission in
writing for the cancellation of the licence;
(b) the insurer or reinsurer does not commence the licensed
insurance or reinsurance business within a period of six
months from the date of issuance of the licence;
(c) the Commission determines that the insurer or reinsurer
has ceased to carry on the licensed insurance or reinsurance
business in or from the country;
( d) the Commission is entitled to an enforcement action against
the insurer or reinsurer in accordance with sections 178 to
183;
(e) the Commission determines that the insurer or reinsurer
has provided false or misleading information to the
Commission for the purposes of obtaining the licence; or
(f) the insurer or reinsurer has been wound-up and dissolved.
(2) The Commission shall not cancel an insurance licence or
reinsurance licence on any of the grounds specified in paragraphs (a) to
(e) of subsection (I) unless the Commission is satisfied that the licensed
insurer or licensed reinsurer does not have any liabilities under an
insurance contract in respect of the insurance business of the insurer or
reinsurer.
(3) The Commission shall not cancel an insurance licence or a
reinsurance licence under paragraph (d) of subsection (1) unless the
Commission has obtained an order under section 182.
Notice of cancellation of licence
49. (1) The Commission shall, before cancelling an insurance licence
or a reinsurance licence under paragraphs (b) to (e) of subsection (1) of
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section 48, give the licensed insurer or licensed reinsurer a written notice
of the intention to cancel the licence, stating
(a) the grounds on which the Commission intends to cancel
the licence; and
(b) that unless the licensed insurer or licensed reinsurer objects
in writing to the cancellation, the licence shall be cancelled
on a date not Jess than fourteen days after the date of the
notice.
(2) The Commission shall consider any objection received under
subsection (1) before deciding whether or not to cancel the licence.
(3) Where the Commission decides to cancel an insurance licence
or a reinsurance licence after considering an objection raised by the
licensed insurer or licensed reinsurer, the Commission shall provide, in
writing, the reasons for the cancellation of the licence.
Application for renewal of licence
50. (1) An insurer or reinsurer may apply to the Commission for the
renewal of the licence of that insurer or reinsurer.
(2) An application under subsection (1) shall
(a) be in writing,
(b) contain the prescribed information and be in the prescribed
form,
(c) be accompanied with the prescribed document and renewal
fee, and
(d) be made not later than
(i) three months before the date of expiry of the licence,
or
(ii) a later date that the Commission permits.
(3) The Commission may require a licensed insurer or a licensed
reinsurer to furnish the Commission with any oth er document or
info rmation as the Commission considers necessary to determine the
application for renewal of a licence.
(4) The Commission may, after the review of the application,
(a) grant
(i) a licence, or
(ii) a licence with conditions, or
(b) refuse to grant a licence.
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(2) This section does not limit the specific prudential requirements
specified in this Act, the Regulations or the directives.
Stated capital
59. (1) A licensed insurer or a licensed reinsurer shall ensure that the
stated capital of the licensed insurer or licensed reinsurer is equal to or
exceeds
(a) the minimum amount specified in the directives, or
(b) the amount spec ified in a direction iss ued by the
Commission under section 61.
(2) A licensed insurer or a licensed reinsurer shall not, without the
prior written approval of the Commission,
(a) pass a resolution to reduce the stated capital of that licensed
insurer or licensed reinsurer; or
(b) cause or permit the stated capital of that licensed insurer or
licensed reinsurer to be reduced.
(3) A resolution passed in contravention of paragraph (a) of
subsection (2) is void.
(4) Subsection (2) applies in cases where the stated capital of the
licensed insurer or the licensed reinsurer is higher than the minimum
amount specified in the directives or in any direction issued by the
Commission under section 61.
(5) A licensed insurer or a licensed reinsurer who contravenes
subsection (1) or (2) is liable to pay to the Commission an administrative
penalty as specified in the First Schedule.
Capital adequacy requirements
60. (I) A licensed insurer or a licensed reinsurer shall maintain capital
resources, determined in accordance with the directives, that are equal to
or exceed
(a) the capital adequacy requirements specified in the directive;
or
(b) in a case where the Commission issues a direction under
section 61, the capital adequacy requirements specified in
that direction.
(2) A licensed insurer or a licensed reinsurer shall, on an ongoing
basis, maintain adequate procedures and controls to monitor and assess
the capital resources and capital requirements of that licensed insurer or
licensed reinsurer.
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the licensed insurer and the Commission or licensed reinsurer and the
Commission, funds in an amount at least equal to
(a) the amount specified in the directives; or
(b) a greater amount as may be specified by the Commission
in a direction issued under subsection (2).
(2) Where the Commission considers it appropriate, having regard
for the nature, scale, complexity and diversity of the business carried on
by a licensed insurer or a licensed reinsurer and the risk profile of the
licensed insurer or licensed reinsurer, the Commission may issue a
direction to the
(a) licensed insurer requiring the licensed insurer to increase
the statutory deposit of the licensed insurer; or
(b) licensed reinsurer requiring the licensedreinsurer to increase
the statutory deposit of the licensed reinsurer
to an amount greater than the amount specified in the directive.
(3) A direction issued under subsection (2) shall specify a reasonable
period within which the licensed insurer or licensed reinsurer shall comply
with the direction by depositing additional funds in the account
maintained with the approved bank.
(4) The deposited funds may be invested as permitted by the
Commission.
(5) Where the total value of deposited assets is at any time less
than the minimum amount, the licensed insurer or licensed reinsurer
shall make good the deficiency by depositing additional funds with the
approved bank.
(6) For the purpose of this section,
(a) "approved bank" means a bank that is licensed by the Bank
of Ghana and approved by the Commission as an escrow
agent to hold a deposit on behalf of a licensed insurer;
(b) "minimum amount" means the greater amount of
(i) the amount specified in the direction; or
(ii) the amount specified by the Commission in a
direction issued under subsection (2); and
(c) "deposited assets" means the total of
(i) the funds deposited in accordance with this section
that are retained as cash; and
(ii) any investment that represents the deposited funds
or any part of the deposited funds.
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Release of deposit
70. (1) The Commission may, on the application of a licensed insurer
or licensed reinsurer, authorise the payment or transfer to the licensed
insurer or licensed reinsurer, of deposited assets equal in value to the
surplus if the Commission is satisfied that the total value of the deposited
assets attributable to a licensed insurer or licensed reinsurer exceeds the
minimum amount.
(2) The Commission shall not authorise a payment or transfer under
subsection (1) unless after the payment or transfer is made, the total value
of the deposited assets is equal to or exceeds the minimum amount.
(3) Where a licensed insurer or licensed reinsurer ceases to carry
on insurance business, the insurer or reinsurer may apply to the
Commission for the release of any deposited assets.
(4) The Commission shall not authorise the release ofany deposited
assets on the application of a licensed insurer or licensed reinsurer unless
that insurer or reinsurer has
(a) satisfied the liabilities of the licensed insurer or licensed
reinsurer to policyholders and to cedants; or
(b) made arrangements satisfactory to the Commission for the
satisfaction of the liabilities of the licensed insurer or
licensed reinsurer to policyholders.
Payment of interest or other income to licensed insurer or licensed
reinsnrer
71. (1) Subject to subsection (2), the Commission shall, on or before
30th January of each year, authorise payment to a licensed insurer or
licensed reinsurer of
(a) any interest earned on, or
(b) income received from,
deposited assets in the immediately preceeding financial year.
(2) Where the value of the deposited assets attributable to a licensed
insurer or licensed reinsurer is less than the minimum amount, the
Commission shall
(a) require the retention of the interest or other income received
in respect of approved assets that would otherwise be
payable to the insurer or reinsurer as is necessary to make
good the deficit; and
(b) authorise payment of the balance, if any, to the licensed
insurer or licensed reinsurer.
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Conduct of Business
Obligations for conduct of business
84. (1) A licensed insurer or a licensed reinsurer shall
(a) conduct the business of that licensed insurer or licensed
reinsurer with
(i) integrity;
(ii) optimum skill;
(iii) due diligence; and
(iv) care;
(b) observe good conduct of business standards and practices;
and
(c) in accordance with the arrangements, as may be specified
in the directives, develop and implement internal policies,
procedures and controls to prevent money laundering and
financing of terrorism.
(2) A licensed insurer or a licensed reinsurer shall not seek to
exclude, restrict or rely on any exclusion or restriction of any obligation
or liability which that licensed insurer or licensed reinsurer may have
towards a customer arising out of a regulatory, legal or contractual
obligation.
(3) A licensed insurer or a licensed reinsurer who contravenes
subsection (1) or (2) is liable to pay to the Commission an administrative
penalty as specified in the First Schedule.
Transfers and Mergers
Restriction on transfers and mergers
85. (I) Subject to section 90, a licensed insurer or a licensed reinsurer
shall not
(a) transfer the insurance business, or any part of the insurance
business, to another person;
(b) accept a transfer ofthe insurance business of another person,
or any part of that insurance business; or
(c) merge the insurance business, or any part of the insurance
business, with the business of another person
without the prior written approval of the Commission.
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(3) The statutory manager shall not enter into any insurance
contract except with the written approval of the Commission.
(4) The statutory manager shall, in exercising the powers
conferred by this section, be guided by the purpose for statutory
management as provided for under paragraph (b) of subsection (1) of
section 99.
Remuneration of charges and expenses of statutory manager
104. (I) The costs, charges, and expenses properly incurred by a
statutory manager, including remuneration agreed on with the
Commission, are payable out of the assets of the licensed insurer or
licensed reinsurer in respect of which the statutory manager is appointed
and shall
(a) have priority over all other claims; and
(b) for all purposes be treated as a charge over the assets of the
licensed insurer or licensed reinsurer.
(2) The charge specified in paragraph (b) of subsection (1) shall
(a) rank in priority to any floating charge to which the assets
of the licensed insurer or licensed reinsurer may be subject;
and
(b) continue to subsist after the termination of the statutory
management.
Report of statutory manager
105. (1) The statutory manager shall, on or before the date specified by
the Commission on making the appointment, or such different date as
the Commission may subsequently direct in writing, submit to the
Commission, a report covering the activities of the statutory manager in
the performance of functions under this Act.
(2) The report shall make any . one of th e following
recommendations:
(a) the transfer of the business, or part of the business, of the
licensed insurer or licensed reinsurer to some other licensed
insurer or licensed reinsurer;
(b) the carrying on of the business of the licensed insurer or
licensed reinsurer, by the licensed insurer or the licensed
reinsurer;
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(3) With effect from the time and date specified in the written
notice of termination of a statutory management, the appointment of
any person as the statutory manager of the licensed insurer or the licensed
reinsurer terminates consequentially.
(4) The Commission shall
(a) within ten days, give notice to the licensed insurer or licensed
reinsurer of the termination of a statutory management;
and
(b) advertise the termination of a statutory management by
publication in the Gazette and on the website of the
Commission.
Licensing of Insurance Intermediaries
Prohibition of unlicensed business
109. (1) Subject to subsection (3)
{a} a person shall not carry on or purport to carry on business
as an insurance intermediary in the country; and
(b) a body corporate that is incorporated under the Companies
Act, 2019 (Act 992) shall not carry on or purport to carry
on business as an insurance intermediary outside the
country,
unless that person or body corporate holds an insurance intermediary
licence issued by the Commission for that purpose.
(2) Without limiting subsection (1), a person
(a) is considered to carry on business as an msurance
intermediary in the country if that person
(i) by way of business as an insurance intermediary,
occupies premises in the country; or
(ii) invites another person in the country or causes
another person to be invited as a customer, through
an advertisement or otherwise; and
(b) 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 that person is an insurance intermediary, whether or
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not that person has been issued with a licence for that
purpose.
(3) Subsection (I) does not apply to a person carrying on business
as an innovative insurance intermediary in accordance with an
exemption specified in the directives.
(4) A person who carries on business as an insurance intermediary
contrary to subsection (1) is liable to pay to the Commission an
administrative penalty as specified in the First Schedule.
Categories of insurance intermediary licence
110. (1) A licence to carry on an insurance intermediary business shall
be in one of the following categories:
(a) insurance broker;
(b) reinsurance broker;
(c) insurance agent;
( d) bancassurance;
(e) insurance loss adjuster;
(/) insurance loss assessor;
(g) technical service provider;
(h) micro insurance agent;
(i) insurance investigator;
(j) innovative insurance intermediary;
(k) insurance syndicate manager;
(1) third-party cell captive provider; and
(m) any other category as may be specified in the Regulations.
(2) A person applying for a licence as an insurance broker referred
to in paragraph (a) of subsection (1) shall have at least seventy-five
percent of the controlling interest in terms of shares, paid-up capital,
interest or voting rights in a company held by a citizen of Ghana.
(3) The holder of a bancassurance licence under paragraph (d) of
subsection (1) shall be regarded, for purposes of this Act, as a corporate
insurance agent.
(4) The Commission shall grant an innovative insurance
intermediary licence in a class equivalent to one of the categories
specified in paragraph (a), (b), (c), (g) or (h) of subsection (1) .
(5) The holder of an innovative insurance intermediary licence
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Risk management
135. (1) A licensed insurance broker, a licensed insurance loss adjuster
or a licensed technical service provider shall establish and maintain
(a) a clearly defined strategy, for the effective management of
all significant risks that the licensed insurance broker,
licensed insurance loss adjuster or licensed technical service
provider is or may be exposed to;
(b) policies, if the directors consider it appropriate, for the
effective management ofall significant risks that the licensed
insurance broker, licensed insurance loss adjuster or licensed
technical service provider is or may be exposed to;
(c) an internal risk assessment framework;
(d) risk management procedures where a customer is permitted
to use the business relationship prior to verification;
(e) appropriate policies and internal risk assessment for new
technologies and non-face-to-face products and distribution;
and
(/) procedures and controls that are sufficient to ensure that
the risk management strategy and policies are effectively
implemented.
(2) The risk management strategy and policies shall
(a) be appropriate for the nature, scale, complexity and
diversity of the business of the licensed insurance broker,
licensed insurance loss adjuster or licensed technical service
provider;
(b) specify how risks are to be identified, monitored, managed
and reported in a timely manner;
(c) take into account the probability, potential impact and the
time duration of risk; and
(d) comply with other requirements specified in the directives.
(3) Without limiting subsections (1) and (2), the risk management
strategy and policies shall provide for
(a) operational risk; and
(b) other risks specified in the directives.
(4) A licensed insurance broker, a licensed insurance loss adjuster
or a licensed technical service provider that contravenes subsection (1) is
liable to pay to the Commission an administrative penalty as specified
in the First Schedule.
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insured or prospective insured, whether or not the agent has acted within
the scope of the authority granted by the licensed insurer.
(3) This section applies whether the person appointed as an agent
is a licensed insurance agent or, contrary to this Act, is an unlicensed
insurance agent.
(4) This section applies to any conduct of an agent of a licensed
insurer
(a) on which a person in the circumstances of the insured or
prospective insured could reasonably be expected to rely;
and
(b) on which the insured or prospective insured, relied in good
faith.
(5) Where a licensed insurer is responsible for the conduct of an
agent under subsection (1) or (2), the liability of the licensed insurer to an
insured or prospective insured is in respect of any loss or damage suffered
by the insured or prospective insured as a result of the conduct of the
agent.
(6) This section does not limit or affect any liability of an agent
of a licensed insurer to an insured or prospective insured.
Conduct ofBusiness with Unlicensed Broker
Insurer or reinsurer not to condud business with unlicensed insurance
broker
145. (1) A licensed insurer or a licensed reinsurer shall not conduct
business with or pay any commission or other remuneration to an
insurance broker unless the person is licensed as an insurance broker.
(2) Subsection (1) does not apply if the person concerned
(a) carries on business outside the country; and
(b) does not require to be licensed as an insurance broker under
this Act.
(3) A licensed insurer or a licensed reinsurer that contravenes
subsection (1) is liable to pay to the Commission an administrative
penalty as specified in the First Schedule.
Liquidation
Insurance intermediary not to be wound up by private liquidation
146. (1) A company that holds a licence as
(a) an insurance broker,
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Inspection Visits
Commission to undertake inspection visit
164. (1) The Commission may, for the purpose of performing the
functions of the Commission
(a) inspect the premises and the business of a relevant person,
whether within or outside the country;
(b) inspect any premises or business of a person to whom a
relevant person has outsourced any function or activity,
whether within or outside the country;
(c) inspect the assets, including cash, belonging to or in the
possession or control of a relevant person or of a person to
whom any function or activity of the relevant person has
been outsourced;
(d) examine and make copies of documents belonging to or in
the possession or control of a relevant person or of a person
specified in paragraph (b) that, in the opinion of the
Commission, relate to the insurance business or the business
as an insurance intermediary, by the relevant person; and
(e) seek information and an explanation from
(i) an officer,
(ii) an employee,
(iii) an agent, or
(iv) a representative of a relevant person specified in
subparagraph (i), (ii) or (iii) of this paragraph, or
of a person specified in paragraph (b),
whether verbally or in writing, and whether in preparation for, during or
after an inspection visit.
(2) The Commission shall, when undertaking an inspection visit,
ensure that the relevant person has adequate procedures in place to prevent
the licensee from being used for purposes of money laundering or
financing of terrorism.
(3) An inspection visit may be undertaken by
(a) an authorised employee of the Commission;
(b) an authorised employee of the Commission and a person
authorised by the Commission; or
(c) any other person authorised by the Commission.
(4) An inspection visit undertaken in relation to a person to whom
a function or an activity of a relevant person has been outsourced, shall
be limited to the aspects of the premises, business, assets or documents
that are relevant to the functions of the Commission in relation to the
relevant person.
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Remedial Measures
Recovery plan
167. (1) The Commission may give a licensed insurer or a licensed
reinsurer a written direction to prepare a recovery plan if the Commission
has reasonable grounds to believe that any of the following occurs:
(a) the licensed insurer or licensed reinsurer has breached, is
breaching or is likely to breach a solvency control level;
(b) the business of the licensed insurer or licensed reinsurer has
not been, or is not being, conducted in a prudent manner
or in accordance with sound insurance principles;
(c) the licensed insurer or licensed reinsurer is carrying on, or
is likely to carry on, the licensed insurance or reinsurance
business in a manner detrimental to the
(i) interest of the policyholders or the prospective
policyholders of the insurer or reinsurer; or
(ii) public interest; or
(d) the licensed insurer or licensed reinsurer has failed, is failing
or is likely to fail to comply with a condition of the licence
or a notice issued by the Commission.
(2) The recovery plan shall
(a) be in writing;
(b) set out the actions that the licensed insurer or licensed
reinsurer will take to effectively address the matters that
caused the Commission to give the direction and in
particular to ensure that,
(i) the licensed insurer or licensed reinsurer meets the
prescribed capital adequacy requirements;
(ii) the business of the licensed insurer or licensed
reinsurer is conducted in a prudent manner and in
accordance with sound insurance principles; and
(iii) the licensed insurer or licensed reinsurer complies,
or remains compliant with, any notice, condition,
or other requirement imposed by the Commission
under this Act, the Regulations or directives;
(c) set out an appropriate timetable for taking the actions
specified in paragraph (b), which shall ensure that those
actions are taken and completed as soon as practicable;
(d) specify the steps that the licensed insurer or licensed
reinsurer is to take to ensure that the plan remains current,
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time and place specified in the notice to answer questions relevant to the
information that the Commission requires.
(2) A notice under subsection (1) shall state
(a) the general nature of the matters on which the person is to
be interviewed;
(b) the date, time and place the person is required to attend the
interview; and
(c) the right of the person to be represented by a legal
representative in accordance with subsection (1) of section
173.
(3) Where there is a change in the matters required to be stated in
the notice under subsection (2), the Commission shall confirm to the
person in writing before the date on which the person is to be interviewed.
Conduct of interview by Commission
173. (I) A person may be represented at an interview conducted by the
Commission by a legal representative who may, at the time that the
interviewer determines
(a) address the interviewer; and
(b) question the interviewee on any matters on which the
interviewer has asked the interviewee questions.
(2) Subject to subsection (3), an interview under this s_ection shall
be held in camera.
(3) The interviewer may permit to be present at the interview
(a) any officer or employee of the Commission and any other
person that, in the opinion of the interviewer, is necessary
for the interview; and
(b) any person who the interviewee requests to be present.
(4) The interviewer shall cause a written record to be made of the
interview and shall, not more than fourteen days after the conclusion of
the interview, provide a written copy of the record to the interviewee,
subject to the conditions that the interviewer may impose.
(5) An interview scheduled by the Commission in accordance with
this section may proceed despite the failure of an interviewee or other
person to
(a) attend the interview in accordance with the notice;
(b) answer a question that has been properly put to the
interviewee or the other person; or
(c) comply with conditions imposed by the interviewer.
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Powers of investigator
177. (1) Subject to subsection (2) and to a direction given by the
Commission under subsection (3) of section 176, an investigator
appointed under this section
(a) may require the person under investigation or any person
connected with the person under investigation to attend
before the investigator at such time an d place as the
investigator may determine to answer questions; and
(b) has the power of the Commission to
(i) require the provision of information or documents
under section 166;
(ii) apply to the Court under section 174 for the
examination of a person under oath or affirmation;
and
(iii) apply to the Court under section 175 for a search
warrant.
(2) The investigator may only exercise a power under subsection
(1) to the extent that the investigator considers necessary for the purpose
of the investigation.
(3) An investigator appointed under section 176 may, if th e
investigator considers it n ecessary for the purposes of the investigation,
on giving written notice to the person concerned, also investigate the
business of a person who is, or at any relevant time has been
{a) a member of the group of which the person under
investigation is a part; or
(b) a partnership of w hich the person under investigation is a
member.
Enforcement
Direction to licensed insurer and licensed reinsurer
178. (1) The Commission may issue a direction to a licensed insurer
or a licensed reinsurer if any of the following occurs:
(a) the Commission has reason to believe that any of the
following applies in relation to the insurer or reinsurer:
(i) there are grounds for the Commission to direct the
licensed insurer or licensed reinsurer to prepare a
recovery plan under section 167;
(ii) the licensed insurer or licensed reinsurer has
departed substantially from the most recent business
plan submitted to the Commission; or
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(ii) provis10ns;
that shall not be contained in a qualifying employer liability
insurance; and
(b) provide for the form and content, display and inspection
of certificates of compulsory insurance issued under this
Act.
(4) For the purpose of paragraph(!) of subsection (2) , "expert"
means a professional engaged by the Commission for the purpose of a
particular mediation.
Directives
198. (1) The Commission shall issue directives specifying or providing
for
(a) classes of insurance business, separating the classes between
long term and short term business;
(b) the strategies, policies, procedures and controls to be
established and maintained by licensed insurers and licensed
reinsurers, including internal controls, risk management and
compliance;
(c) requirements relating to business conduct, including
requirements relating to the disclosure by licensed insurers
and licensed reinsurers of information to their customers
and the public;
(d) information to be provided and returns to be submitted to
the Commission by licensed insurers and licensed reinsurers;
and ·
(e) such other matters, as are required by this Act or the
Regulations, to be provided for in directives.
(2) Without limiting subsection (1), the directives may specify or
provide for
(a) the responsibilities of the directors and senior management
of licensed insurers and licensed reinsurers;
(b) the performance of the control functions oflicensed insurers
and licensed reinsurers and the activities and responsibilities
of key persons in control functions;
(c) policies and procedures to be maintained by licensed insurers
and licensed reinsurers with respect to the assessment and
management of risk;
(d) principles and rules of corporate governance to be adhered
to by licensed insurers and licensed reinsurers;
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Guidelines
201. (1) The Commission may issue Guidelines
(a) on the criteria to determine fit and proper persons to
perform specific roles or functions under the Act;
(b) to facilitate compliance by a licensee with the Act and the
Regulations;
(c) to combat money launderin g and terrorist financing
activities; and
(d) on any oth er matters related to the functions of the
Commission.
(2) The Guidelines may make provision for different persons,
circumstances or cases.
(3) Where a licensed insurer or licensed reinsurer or licensed
insurance intermediary fails to comply with the Guidelines issued under
this section, the Commission may take into account the failure in
determining whether there has been a contravention of this Act or the
Regulations.
International standards and best practice
202. In discharging the functions of, and exercising the powers of the
Commission, the Commission shall take into account
(a) international standards and best practice relating to the
regulation and supervision of insurance companies and
insurance intermediaries; and
(b) the proportionate application of the international standards
taking into consideration the stage of development of the
insurance market.
Approved forms
203. (1) The Commission may approve forms for the purposes of
this Act, the Regulations, the directives and the Guidelines.
(2) Without limiting subsection (1), a form may be approved in
relation to
(a) an application, return or report or any other document
required or permitted to be submitted to the Commission
by or on beh alf of a licensee;
(b) any document required to be submitted to the Commission,
by or on behalf of a person carrying out any function in
relation to a licensee; or
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(4) For the purposes of this Act, the following are not considered
index insurance contracts:
(a) life insurance contracts or annuities;
(b) investment linked contracts under which the value of an
investment is determined in whole or in part by reference
to a financial index or an index of asset values; or
(c) any other types of insurance or other contract that may be
prescribed by Regulations.
Innovative Insurers and Innovative Insurance Intennediaries
Innovative insurance licence
211 . (1) Subject to subsection (2), this Act applies to
(a) an application for an innovative insurance licence as if the
application was for a licence for an insurer or a licence for
a reinsurer as the case may be; and
(b) an innovative insurer or an innovative reinsurer as if the
innovative insurer or innovative reinsurer was a licensed
insurer or a licensed reinsurer, as the case may be.
(2) An innovative insurance licence shall be granted for a period
not exceeding two years in aggregate.
(3) The Commission may, on the application of the holder of
the licence, extend the period of an innovative insurance licence for a
period of not more than two years in aggregate.
Innovative insurance intermediary licence
212. (1) Subj ect to subsection (2), this Act applies to
(a) an application for an innovative insurance intermediary
licence as if the application was for an insurance
intermediary licence in the appropriate category; and
(b) an innovative insurance intermediary as if the innovative
insurance intermediary was a licensed ins urance
intermediary in the appropriate category.
(2) Subject to subsection (3), an innovative insurance
intermediary licence shall be granted for a period not exceeding two years.
(3) The Commission may, on the application of the holder of an
innovative insurance intermediary licence extend the period of an
innovative insurance intermediary licence for a period of not more than
two years in aggregate.
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(b) provide cover and include terms and conditions that may
be required by the Regulations.
(2) A compulsory insurance contract that provides an indemnity
against the liability of the insured person to another person, shall not
(a) contain any term or condition that excludes or limits the
liability of the insurer, whether generally or in respect of a
particular claim, if anything is done or omitted to be done
after the occurrence of the event that gives rise to a claim
under the policy; and
(b) require the insured person to pay to a person to whom the
insured person is liable, the first amount of any claim or
aggregation of claims.
(3) Despite paragraph (b) of subsection (2), a compulsory
insurance contract may require the insured person to pay or make a
contribution to the insurer in respect of
(a) the satisfaction of any claim made under the contract of
insurance; or
(b) any cost or expense incurred in relation to the claim.
(4) The exceptional cases referred to in subsection (1) shall be
prescribed by Regulations.
(5) Any term or condition in a qualifying compulsory insurance
contract that contravenes subsection (1) or (2) is void and of no effect.
Insurance for risk arising in Ghana
221. (1) A person shall not, unless authorised by the Commission, enter
into a contract of insurance with an insurance company not licensed
under this Act in respect of
(a) a property situate in the country;
(b) liability arising in the country; or
(c) goods other than personal effects being imported into the
country.
(2) A person wh o contravenes subsection (1) commits an offence
and is liable on summary conviction to a fine or a term of imprisonment
or to both as specified in the First Schedule.
(3) Nothing in this section affects the validity or enforceability
of a contract of insurance entered into in contravention of this provis ion.
Marine insurance
222. (1) A person who imports goods, other than personal effects,
into the country shall insure the goods with an insurer licensed under
this Act.
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(2) A person shall not place any marine cargo or hull business,
other than reinsurance business, with an insurer who is not licensed under
this Act, except with the prior written approval of the Commission.
(3) For the purposes of subsections (I) and (2), a letter of credit
or similar document issued by a bank or financial institution
(a) in the country, in respect of the goods being imported into
the country, shall be on prime cost, insurance and freight
with the insurance taken from an insurer licensed under
this Act; or
(b) outside the country, in respect of the goods being imported
into the country, shall be on cost and freight.
(4) A person who contravenes subsection (1) or (2) commits an
offence and is liable on su mmary conviction to a fine or a term of
imprisonment or to both as specified in the First Schedule.
Fire Control Fund
Establishment of Fire Control Fund
223. There is established by this Act, the Fire Control Fund.
Object of the Fire Control Fund
224. The object of the Fire Control Fund is to provide financial
resources to
(a) state institutions to fight fire; and
(b) any other organisation the Commission may determine
for the purposes of fighting fire.
Sources of money for the Fire Control Fund
225. (1) The sources of moneys for the Fire Control Fund include a
percentage of gross premiums specified by th e Commission in
consultation with the recognised insurance industry trade bodies.
(2) A licensed insurer that fails to pay the contribution required
under subsection (1) is liable to pay to the Commission an administrative
penalty as specified in the First Schedule.
(3) For the purpose of subsection (1), a licensed insurer shall pay,
on an annual basis, the percentage of gross premiums on any insurance
contract that the licensed insurer issues in respect of all insurance contracts
that provide·an insurance cover against the risk of fire.
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force as if made or done under this Act and shall continue to have effect
until reviewed, cancelled, withdrawn or terminated.
(3) This Act shall not affect Act 724 in the operation of offences
committed, penalties imposed or proceedings commenced before the
coming into force of this Act.
Transitional provisions
261. (1) A person who, before the coming into force of this Act, holds
a valid licence as an insurance broker, insurance agent or micro insurance
agent shall, within two months of the coming into force of this Act, notify
the Commission of this fact.
(2) The Commission shall, within one month of the receipt of
the notification under subsection (1), verify the licence.
(3) Despite subsections (1) and (2), a licence acquired by an
insurance broker, an insurance agent or a micro insurance agent under
Act 724 shall remain valid until the licence expires.
(4) The assets, rights and liabilities of the Commission established
under Act 724 and immediately before the coming into force of this Act
are transferred to the Commission established under this Act, and
accordingly proceedings taken by or against the Commission established
under Act 724 may be continued by or against the Commission established
under this Act.
(5) A person in the employment of the Commission established
under Act 724 immediately before the coming into force of this Act shall,
on the coming into force of this Act, be deemed to have been duly
employed by the Commission established under this Act on terms and
conditions which are not less favourable in aggregate to the terms and
conditions attached to the post held by the person before the coming into
force of this Act.
(6) A contract subsisting between the Commission established
under Act 724 and any other person and in force immediately before the
coming into force of this Act shall subsist between the Commission
established under this Act and that other person.
(7) Any moneys held by or on behalf of the Commission
established under Act 724 immediately before the coming into force of
this Act are transferred to the Commission established under this Act.
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FIRST SCHEDULE
{sections 8(3), 36(3), 38(3), 40(9), 52(4), 54(6), 55(5), 56 (5), 56(6), 57(2), 59(5),
60(3), 61(3), 62(2), 63(2), 65(2), 66(2), 67(5), 68(7), 72(4), 73(3), 74(6), 75(4),
77(4), 78(4), 79(9), 81(3), 82(4), 83(8), 84(3), 85(3), 109(4), 122(4), 122(5),
124(6), 125(5), 126(5), 126(6), 127(2), 129(2), 130(3), 131(3), 131(4), 132(4),
133(2), 134(4), 135(4), 136(2), 137(2), 138(3), 140(3), 141(2), 142(3), 145(3),
151(5), 154(6), 155(2), 156(3), 157(3), 159(8), 162(6), 165(2), 166(6), 167(6),
169(2), 171(5), 171(6), 176(7), 178(3), 179(3), 180(2), 185(4), 186(4), 188(2),
192(5), 214(3), 216(3), 218(2), 221(2), 222(4)225(2), 230(2), 237(3), 242(4),
251(2), 251(4), 252(3), 253, 256(6), (7), (8)and(9), 257(4) and 258(4))
177
~
COLUMNl COLUMN2 COLUMN3 COLUMN4 COLUMNS COLUMN6 COLUMN7
creating the
offence
of the offence or (Corporat e body)
contravention
(individuals) Continuing
Cont ravention
Imprisonment Fine
°'""""
8(3) F ailure of a Not less than N ot less than
member of the three years three thousand
Board to perform and not more penalty units and
duties expected than six years not more than
seven thousand
and five hundred
penalty units ~
l':
36(3) ~
...... Carrying on or
~
N ot less Not less than
-.....}
00 purporting to than two twenty five
~
carry on thousand penalty
insurance
yea.rs and -~
not more units and no t N
business without than five more than fifty ~
,_
a licence years thousand penalty
units
38(3) Entering into a
restricted Fifty Thousand
insurance Penalty Units
contract with a
foreign insurer
without lawful
authorisation
from the
Commission
40(9) Licensee Five Thousand
carrying on Pena lty Units
insurance
business
contrary to the
category or class
of licence
°'.....
55(5) Failure to
provide written
Five Hundred >
~
Penalcy Units
>-"'
notice to the 0
Commission in
accordance with
°'
>-"'
subsection (3)
Failure of a Two
61(3)
licensed insurer or Thousand
licensed reinsurer Penalty Units
to comply with a
direction issued by
the Commission in
accordance with >
A
section 61 (1). ~
~
~
62(2) Failure to Two
>
A
establish and Thousand
tom
0
maintain Penalty Units 0-..
~
segregated
funds as
required by the
directives.
~.....
before entering
into a reinsurance
contract. 0
.....
°'
74(6) Failure of insurer or One Thousand >
A
reinsurer to establish Penalty Units ......
and maintain 0
governance framework
as required under
°'
,......
subsection (l)
-
;::
subsection (2) $1
;::i
00 @
~
~
74(6) Failure of insurer or One Thousand ~~
reins urer to establish Penalty Un its ""-.>
and maintain ~
.........
strategies, policies,
and controls as
specified in the
directive
•
a
i::
i:1
....... 83(8) Failure to cornpiy One Thousand ;::!
00 with requirement of Penalty Units ~
-....)
reporting obligations ::r::...
of an appointed -~
actuary t-.J
~
......
84(3) Failure of insurer or One Thousand
reinsurer to perform Penalty Units
obligations for
conduct of business
~.......
manager or key person
in a control function
directed at that person
°',_..
~
--
127(2) Failure to give notice to Five Hundred
the Commission on Penalty Units
matters affecting the 0
suitability of the
signjficant owner,
°'
director, senior manager
and key person in a
control function
129(2) Failure of licensed
One Tho usand
insurance broker, licensed
insurance loss adjuster, or Penalty Units
technical service provider
to ens ure that its equity is
equal or exceeds the ~
li:::
minimum capital ~
..... requirement ;::s
~
'°
0
::t:..
130(3) Failure of licensed One T housand
..R
insurance broker, licensed t-.,.i
Penalty Units
insurance loss adjuster, or ~
.....
technical service provider
to comply with a notice
issued in accordance with
subsection (I)
~
have adequate number and
structure of directors as
~
required under this section 0
°'
~
134(4) Failure to establish and Five Hundred >
i::l
maintain control functions Penalty Units .....
as required under subsection 0
(1)
°'.....
-"°
N
134(4) Failure to ensure that a
control function is provided
with authority,
Five Hundred
Penalty Units
~
;::s
~
;:i,..
independence and resources
Jl.
N
as required under subsection
(3)
~
......
-
'w°
138(3) Failure co comply with
directives to provide receipt
of and dealing with
premiums and other
One Thousand
Penalty Units
~
:::t
~
~
°'"""
Licensed insurer or reinsure
145(3) conducting business with or One Thousand
paying commission or other Penalty Units
remuneration to an unlicensed
insurance broker
>
--
167(6) Failure of a licensed insurer One Thousand
or licensed reinsurer to Penalty Units ~
comply with a direction to 0
prepare a recovery plan
°'
169(2) Failure of licensed insurer or One Thousand >
~
licensed reinsurer to comply Penalty Units .......
with a recovery plan 0
.....
°'
171(5) Failure to comply with written One Thousand
direction of the Commission Penalty Vnits
in appointing a skilled person
°'
to both than five tho usand
insurance contract penalty units
216(3) Failure of employer specified Not less than Not less than two
in the second schedule to one year and thousand and five
insure and maintain an not more than hundred penalty
insurance under any five years units and not more ~~
qualifying professional than five thousand
indemnity insurance contract ~
....... penalty units ~
\0
00 ~
;:i,..
J.;.
218(3) Failure of a person who Not less than Not Jess than two N
constructs or causes to be one year and thousand and five ~
.......
constructed a commercial building not more than hundred penalty
specified in the second schedule five years units and not more
to insure and maintain an than five thousand
insurance under any qualifying penalty units
commercial building insurance
contract as required under
subsection (1)
218(3) Failure of an occupier or Not less than Not less than two
owner of a building to insure one year and thousa nd and five
and maintain an insurance not more than hundred penalty
under any qualifying five years units and not more
commercial building than five thousand
insurance contract as penalty units
required under subsection (2)
-
\0
\0
222(4) Failure to insure imported
than fifteen
thousand penalty
units
°'
~
225(2) Failure by a licensed insurer
to pay contributions into the
Fire Control Fund.
One Thousand
Penalty Units
--°'
0
SECOND SCHEDULE
(sections 214, 216 and 218)
Classes of Persons and Properties Covered by Compulsory
Insurance
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