Parliament of the Republic of Ghana - Insurance Act 2006 - Act 724


The Insurance Acts 2006 - Act 673 is an act passed by the Parliament of the Republic of Ghana to constitute the National Insurance Commission (NIC), outline its powers, form, and functions. Additionally, the Act revises the law relating to insurance in order to provide comprehensive provisions for the regulation of the insurance industry and provide for related matters. The Act is divided into thirteen parts and covers issues surrounding the following topics:

Part I: Establishment of the National Insurance Commission (NIC) Ghana
Part II: Licensing of Insurers
Part III: Insurance Business
Part IV: Capitalization, Solvency and Financial Resources
Part V: Accounts and Audit of Insurers
Part VI: Liquidation and Judicial Management of Insurance companies
Part VII: Insurance Intermediaries
Part VIII: General Provisions on Licensing
Part IX: Inspection and Enforcement
Part X: Insurance of Commercial Building under Construction
Part XI: Establishment of Fire Service Maintenance Fund
Part XII: Establishment of Motor Compensation Fund
Part XIII: Miscellaneous  Provisions (Electronic Filing of Documents, Code of Practice, Penalties for Contraventions and Offenses, General indemnity, etc.)

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Friday, December 29, 2006
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Parliament of the Republic of Ghana
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