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IN exercise of the powers
conferred on the Commissioner
responsible for Finance by section
59 of the Insurance Act, 1965 (Act
288) as amended by the Insurance
(Amendment) Decree, 1972 (N.R.C.D.
95) these Regulations are made
this 22nd day of November,1972.
Regulation 1—Insurance Regulations
Amended.
The Insurance Regulations, 1966 (L.I.
497) in these Regulations referred
to as the principal Regulations
are hereby amended by the
insertion immediately after
regulation 25 thereof of the
following new regulations:—
"25A. Life Insurance Statutory
Cessation to be Nil.
The percentage of the statutory
cessation under section 3 of the
Insurance (Amendment) Decree,
1972 (N.R.C.D. 95) in respect of
life insurance policies shall be
nil.
"25B. No Risk in Ghana to be
Insured Abroad.
No insurance shall be placed
outside Ghana except through an
insurer registered under the
Insurance Act, 1965 (Act 288) or
unless the Commissioner of
Insurance is satisfied that the
risk in question cannot be
adequately covered by any such
insurer.”
Regulation 2—Commencement.
Regulation 25A of the principal
Regulations as inserted by these
Regulations shall be deemed to
have come into force on the 1st
day of October, 1972.
COLONEL I. K. ACHEAMPONG
Commissioner for Finance and
Economic Planning
Date of Gazette Notification: 1st
December, 1972.
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