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ARRANGEMENT OF REGULATIONS
PART I—PAID-UP CAPITAL AND
STATUTORY DEPOSITS
Regulation
1. Paid-up Capital and Statutory
deposits of insurers, brokers and
adjusters.
PART II—PARTICULARS AND
QUALIFICATIONS OF INSURANCE
DIRECTORS AND PRINCIPAL OFFICERS
2. Principal officers or chief
executives.
3. Qualifications of directors and
principal officers, etc.
4. Technical heads
5. Qualification of chief finance
officers
6. Further qualification of chief
agent and agent
7. Principal of chief agent and
agent
8. Books of account of broker or
adjuster
9. Professional indemnity for
brokers and adjusters
PART III—FORMS AND FEES
10. Form of application as insurer
or re-insurer
11. Certificate of registration
and renewal as insurer or
re-insurer.
12. Certificate of solvency to the
Commission
13. Form of application as a
broker or adjuster and certificate
of registration and renewal, etc.
14. Application form for chief
agents and agents, etc.
15. Actuary report
16. Auditor's report and
certificate of solvency of insurer
17. Annual accounts, returns and
reports to the Commission
18. Records to be kept by insurer
19. Fees
PART IV—INSURANCE OF MOTOR
VEHICLES AND SETTLEMENT OF MOTOR
CLAIMS
20. Insurance of motor vehicles
21. Insurers to ensure fair and
prompt settlement of motor claims.
22. Period within which motor
claims must be settled
23. Dispensation with Police
report in certain motor claims
24. The Commission to act on
delayed motor claims
25. Insurance claims may be
referred to the Commission
26. Claims records
PART V—GENERAL PROVISIONS
27. Utilisation of local capacity
before re-insurance abroad
28. Insurance advertisements and
sales promotion practices
29. Evidence
30. Service of legal process
31. Enforcement of rights of
policy holders
32. Professional conduct and
business code of discipline
33. Satisfactory and decent
offices
34. Forms to be printed
35. Official seal
36. Interpretation
37. Revocation
SCHEDULE
Part I—Forms
Part II—Annual Accounts and
Returns
Part III—Fees
IN exercise of the powers
conferred on the Provisional
National Defence Council Secretary
responsible for Finance by section
72 of the insurance Law, 1989 (P.N.D.C.L.
227) these Regulations are made
this 18th day of September, 1990.
PART I—PAID-UP CAPITAL AND
STATUTORY DEPOSITS
Regulation 1—Paid-Up Capital and
Statutory Deposits of Insurers,
Brokers and Adjusters.
The requisite paid-up capital and
statutory deposits of insurance
companies are as specified in the
following sections of the
Insurance Law, 1989 (P.N.D.C.L.
227)—
(1) Life Insurer . . .
. . . .
. Part II, Section 18 (1) (a);
(2) Non-Life Insurer .
. . . .
. Part II, Section 18 (1) (b);
(3) Composite Insurer .
. . . .
. Part II, Section 18 (1) (c);
(4) Re-insurer . . .
. . . .
. Part II, Section 18 (1) (d);
(5) Mutual Insurer .
. . . .
. Part II, Section 20 (2);
(6) A Broker or an
Adjuster . .
. . Part V, Section 53
(2).
PART II—PARTICULARS AND
QUALIFICATIONS OF INSURANCE
DIRECTORS AND PRINCIPAL OFFICERS
Regulation 2—Principal Officers or
Chief Executives.
(1) Every insurer, re-insurer,
broker or adjuster shall have at
least two full-time chief
executives or principal officers
each of whom shall have, the
following qualifications—
(a) a recognised University degree
or the Associate Chartered
Insurance Institute (ACII) Diploma
or a recognised equivalent
professional insurance
qualification; and
(b) eight years post-qualification
experience in the insurance
industry, five years of which
should have been in managerial or
executive or analogous position.
(2) Notwithstanding sub-regulation
(1) of this regulation, a person
who has been employed full-time in
an insurance business in an
executive or managerial position
for not less than a period of ten
years shall qualify to be
appointed as a principal officer
of an insurer, re-insurer, broker
or adjuster.
Regulation 3—Qualifications of
Directors and Principal Officers
of Insurers, Re-Insurers, Brokers,
Adjusters, Etc.
No person shall be a director or
principal officer of an insurance
company or a chief agent or agent
under the Law if—
(a) he is a person of twenty-one
years of age or below;
(b) he has been convicted of any
offence involving fraud by any
court;
(c) he has been adjudged bankrupt
by a court;
(d) he has been dismissed from any
office or employment;
(e) he has at any time failed to
satisfy any debt adjudged due and
payable by him as a judgement
debtor under an order of a court;
or
(f) there is any evidence against
him involving any case of
misconduct, fraud or mismanagement
of an insurance company or
business or any similar public
concern.
Regulation 4—Technical Heads .
Every technical department or
division or any branch office or
contact office of an insurer,
re-insurer, broker or adjuster
shall have as its head a qualified
and competent officer.
Regulation 5—Qualification of
Chief Finance Officers or
Accountants for Insurers and
Re-Insurers.
(1) Every insurer or re-insurer
shall have at least one full-time
professional chief finance officer
or accountant who shall possess
the following qualifications—
(a) A.C.C.A., C.A. (Ghana),
A.C.M.A.; or
(b) A.C.A. or University Degree
with a major in Accounting or
Finance; or
(c) I.C.S.A. (Institute of
Chartered Secretaries and
Administrators); or
(d) the equivalent of I.C.S.A.,
together with five years post
qualification experience.
(2) It shall be the duty of every
insurer, re-insurer or
intermediary to provide the
Commission with a statement in
respect of the qualification of
its principal officers.
Regulation 6—Further Qualification
of Chief Agent and Agent.
(1) No person shall be registered
as a chief agent or agent or
unless he—
(a) is the holder of the West
African Examinations Council
School Certificate or its
equivalent with at least five
passes including English language;
and
(b) has undergone at least three
months training in insurance under
a registered insurer.
(2) Every chief agent shall, in
addition to the qualifications
specified in sub-regulation (1),
have a minimum of five years
working experience in the
insurance industry before
registration.
Regulation 7—Principal of Chief
Agents and Agents.
(1) A chief agent or an agent
shall not have more than one
principal insurer at a time, and
shall give business to another
insurer only where the principal
insurer does not underwrite the
particular class of business or
the principal insurer has declined
such business.
(2) A chief agent or agent shall
submit to the Commission a letter
of clearance from his current
principal insurer for approval to
transfer to another principal
insurer.
(3) A chief agent or an agent
shall not transfer to another
principal without the written
approval of the Commission.
(4) An application for approval
under sub-regulation (3) shall be
in such form as the Commission may
determine.
Regulation 8—Books of Account of
Broker or Adjuster.
Every broker or adjuster shall
keep proper books of accounts of
all his transactions which shall
be made available for inspection
by an authorised officer of the
Commission.
Regulation 9—Professional
Indemnity for Brokers, Adjusters.
Every broker or adjuster shall be
covered by a professional
indemnity protection or coverage
of at least ¢5,000,000 face value
from a qualified insurer
registered under the Law.
PART III—FORMS AND FEES
Regulation 10—Form of Application
as Insurer or Re-Insurer.
Application for registration as an
insurer or re-insurer under the
Law shall be made as in Form NIC/01/90
specified in Part I of the
Schedule to these Regulations and
shall be accompanied by the
documents referred to in the Form.
Regulation 11—Certificate of
Registration and Renewal as
Insurer or Re-Insurer.
(1) Upon the registration of an
insurer or re-insurer under the
Law, the Commission shall issue to
the insurer or re-insurer a
certificate of Registration as in
Form NIC/02/90 specified in Part I
of the Schedule to these
Regulations.
(2) The registration of every
insurer or re-insurer expires
twelve months after the date of
registration and is renewable
annually by application to the
Commission.
(3) Application for renewal shall
be made to the Commission not less
than one month before the expiry
of the said registration or of a
previous renewal, as the case may
be.
Regulation 12—Certificates of
Solvency to the Commission.
The certificate of solvency to be
furnished by life insurers and
non-life insurers for purposes of
section 39 of the Law shall—
(a) in the case of life insurance
business, be as in Form NIC/03/90
specified in Part I of the
Schedule;
(b) in the case of non-life
insurance business be as in Form
NIC/04/90 specified in Part I of
the Schedule.
Regulation 13—Form of Application
as a Broker or Adjuster and
Certificate of Registration, Etc.
(1) Application for registration
as a broker or adjuster shall be
as in Form NIC/05/90 specified in
Part I of the Schedule.
(2) Certificate for registration
of a broker or adjuster shall be
as in Form NIC/06/90 specified in
Part I of the Schedule.
(3) The registration of a broker
or adjuster expires twelve months
after the date of registration and
is renewable annually by
application to the Commission
within one month before the date
of expiry of the registration or
of a previous renewal, as the case
may be.
(4) Renewal of the certificate of
a broker or an adjuster shall be
subject to a satisfactory
statement from his principal
insurer and any other insurer he
transacts business with,
indicating that all transactions
or services and accounts of the
preceding financial period or year
of the broker or adjuster
concerned have been fully and
satisfactorily settled or complied
with.
Regulation 14—Application Form for
Chief Agents, Etc.
(1) Form NIC/07/90 is hereby
prescribed as the form of
application for registration of
chief agents and agents under the
Law.
(2) Upon the registration of an
insurance chief agent or agent
under the Law, the Commission
shall issue to that insurance
chief agent or agent a licence as
in Form NIC/08/90 specified in
Part I of the Schedule.
(3) A registered insurance chief
agent or agent shall produce on
demand to any policy-holder of the
insurer whom he represents or to
any prospective policy-holder the
licence issued to him under
sub-regulation (2) of this
regulation.
(4) The registration of an
insurance chief agent or an agent
expires twelve months after the
date of registration and is
renewable annually by application
to the Commission within one month
before the date of expiry of the
said registration, and shall be
supported by a statement from his
principal insurer that the
transactions and accounts of the
chief agent or agent for the
preceding year have been fully and
satisfactorily settled.
Regulation 15—Actuary Report.
The report of an actuary shall be
as in Form NIC/09/90 in Part I of
the Schedule.
Regulation 16—Auditor's Report and
Certificate of Solvency of
Insurer.
The form of report and certificate
to be furnished by a registered
auditor for an insurer, broker or
adjuster shall be as in Form NIC/10/90
set out in Part I of the Schedule.
Regulation 17—Annual Accounts,
Returns and Reports to the
Commission.
(1) The annual accounts and
returns required to be furnished
under section 39 of the Law shall
be as specified in Part II of the
Schedule.
(2) For the purposes of
sub-regulation (1) there shall be
a separate revenue account in
respect of each and every class of
non-life insurance business
transacted.
(3) The board and management
report required to be furnished
under section 39 of the Law shall
be a comprehensive report on the
company covering its over-all
technical, financial and
administration performance for the
period under review, as well as a
summary of the overall programme
for the ensuing year.
Regulation 18—Records to be Kept
by Insurer.
Every domestic insurer shall keep
the following records—
(a) a record of the number of
polices in force for each class of
business transacted;
(b) a record of the gross premium
income for each class of business
transacted in such form as the
commissioner may approve;
(c) a record of the local
facultative premiums ceded;
(d) a record of treaty reinsurance
premiums ceded, to whom they were
ceded and the commission received
thereon;
(e) a record of premiums, which
have been obtained by treaty
reinsurance cessation, from whom
they were ceded and the commission
paid thereon.
Regulation 19—Fees.
(1) The Fees specified in column 2
of Part III of the Schedule to
these Regulations shall apply with
respect to the corresponding
matters set out in column 1 of
that Part.
(2) Notwithstanding sub-regulation
(1) of this regulation, the
Commissioner of Insurance may in
cases where he considers it in the
public interest so to do, dispense
with the fee for any inspection
of, or request for, a copy of
extract of any document in the
custody of the Commission.
PART IV—INSURANCE OF MOTOR
VEHICLES AND SETTLEMENT OF MOTOR
CLAIMS
Regulation 20—Insurance of Motor
Vehicles.
An insurer who is registered to
carry on non-life insurance
business shall undertake motor
insurance and shall not refuse to
issue or renew a policy of
insurance within the provisions of
the Motor Vehicles (Third Party
Insurance) Act, 1958 (No. 42).
Regulation 21—Insurers to Ensure
Fair and Prompt Settlement of
Motor Claims.
(1) No motor insurer shall refuse,
without just cause, to pay or
settle claims arising under its
policies, or engage in any unfair
claim settlement practices.
(2) Any of the following acts by a
motor insurer, if committed
without just cause and performed
with such frequency as to indicate
a general business practice, shall
constitute unfair motor claim
settlement practices—
(a) knowingly misrepresenting to
claimants pertinent facts or
insurance provisions relating to
coverage at issue;
(b) failing to acknowledge with
reasonable promptness pertinent
communications with respect to
claims arising under its policies;
(c) failing to adopt adequate
procedures for prompt
investigation and processing of
claims arising under its policies;
(d) not attempting in good faith
to effect prompt, fair, equitable
settlement of legitmate claims or
claims in which liability has
become reasonably clear; or
(e) compelling policy-holders or
claimants to institute suits or
court action to recover amounts or
quantum of awards due under the
motor policies concerned, as a
result of offering, without
justifiable reasons, substantially
unreasonable or low awards.
Regulation 22—Period within which
Motor Claims must be Settled.
Where a claim is made in writing
by an insured on an insurer under
an insurance policy in relation to
a motor vehicle accident, the
insurer shall—
(a) where it accepts liability,
settle the claim not later than
ninety days from the date on which
the claim was delivered to it; or
(b) where the claim is
satisfactorily negotiated and
quantum of award is fully
determined, pay the claimant not
later than thirty days from the
date of such determination; or
(c) where it does not accept
liability, deliver a statement in
writing disclaiming such liability
to the claimant or his authorised
representative, not later than
ninety days from the date on which
such person delivered his claim to
the insurer.
Regulation 23—Dispensation with
Police Report in Certain Motor
Claims.
Where in any claim arising out of
an accident involving one or more
motor vehicles, there is
sufficient evidence of proof of
loss or damage acceptable to both
insurer and claimant, it shall not
be necessary for any claimant to
deliver a police report on the
accident to the insurer, except
where death or serious bodily
injury to a person occurred.
Regulation 24—The Commission to
Act on Delayed Motor Claims.
Where the Commission finds or it
is notified or otherwise becomes
aware that an insurer has violated
any aspect of regulation 21, 22 or
23 each instance of non-compliance
shall be treated as a separate
violation and shall be sufficient
cause for the suspension or
revocation of the licence or
certificate of registration of the
defaulting insurer, or the
imposition of a civil penalty not
exceeding ¢500,000.00 by the
Commission.
Regulation 25—Insurance Claims may
be Referred to the Commission.
(1) In pursuance to section 2 (2)
(h) of the Law, the Commission
shall settle any insurance claim
referred to it by any party to an
insurance contract; the Commission
may refer settlement of claims to
a Committee appointed by it to
advise on the settlement.
(2) A Committee appointed in
respect of a settlement shall
submit to the Commission its
decisions and findings on the
claim or on any specific
settlement of compensation made,
giving reasons for it, and making
such recommendations as it
considers appropriate.
(3) The Commission shall take such
steps as may be necessary to
facilitate the speedy and just
settlement of claims.
(4) Any party who is dissatisfied
with or is aggrieved by any
decision of the Commission may
pursue the claim further in court.
Regulation 26—Claims Records.
Every registered insurer shall
keep records of all claims made on
it and ensure that the aggregate
of claims paid out by it and
outstanding claims as shown in the
revenue account is not less than
the average loss incurred by that
insurer over the three years of
insurance business immediately
preceding.
PART V—GENERAL PROVISIONS
Regulation 27—Utilisation of Local
Capacity before Re-insurance
Abroad.
An insurer or re-insurer shall
utilise all available local
capacity in motor, life, personal
accident and employer’s liability
insurance business originating
from the local market before
recourse to any overseas
facultative re-insurance.
Regulation 28—Insurance
Advertisements and Sales Promotion
Practices.
Any insurer or insurance
intermediary or person who by any
statement, promise, or forecast
which he knows to be misleading,
false or deceptive, or by any
dishonest concealment of material
facts or by any negligent act,
induces or attempts to induce
another person to enter into any
contract of insurance with an
insurance company or an insurance
intermediary to the detriment of
the insured, shall be guilty of an
offence and liable on conviction
to a fine not exceeding
¢100,000.00 or to imprisonment for
a term not exceeding 6 months.
Regulation 29—Evidence.
Any document purporting to be a
document executed under the seal
of office of the Commission or the
Commissioner of Insurance or any
other duly authorised public
officer appointed under the Law;
and any document not sealed but
merely authenticated by the
signature of any of the
aforementioned officers shall be
received in evidence and shall,
unless the contrary is proved, be
presumed to be executed or, so
authenticated without proof of
signature.
Regulation 30—Service of Legal
Process.
(1) Service of process in any
legal proceedings against an
insurer or an intermediary may be
effected at the principal office
of the insurer or the intermediary
in Ghana.
(2) If an insurer or an
intermediary has no principal
office in Ghana or it has ceased
to exist, process in any legal
proceedings against the insurer or
the intermediary may be served at
the office of the Commission, and
service upon the Commissioner or
his representative in any such
case shall be deemed to be service
upon the insurer or the
intermediary.
Regulation 31—Enforcement of
Rights of Policy Holders.
A
holder of a domestic policy shall,
notwithstanding any provision in
the policy to the contrary or in
any agreement relating to the
policy, be entitled to enforce his
rights under the policy in any
court in Ghana; however, nothing
in this regulation shall preclude
the determination of the amount of
liability by arbitration under the
Arbitration Act, 1961 (Act 38).
Regulation 32—Professional Conduct
and Business Code of Discipline.
(1) Every insurer or intermediary
shall be a member of the relevant
trade or business or professional
association or institute or body
in Ghana, which is duly registered
or recognised by the Commission as
being relevant to such insurer or
intermediary and every such member
shall comply with and abide by the
principles, rules, code of conduct
and disciplinary norms of the
association or institute or body
concerned.
(2) Where any individual or
insurer or intermediary is found
guilty of an offence under the Law
or these Regulations or is in
breach of any gross professional
or business conduct or fraudulent
or corrupt practice contrary to
the rules of the relevant
professional body, it shall be
sufficient cause for the
suspension or revocation of the
licence or certificate of such
insurer or intermediary.
(3) Every insurer or intermediary
shall ensure a thorough screening
in recruitment of staff and
agents.
Regulation 33—Satisfactory and
Decent Offices.
Every insurer, re-insurer,
adjuster, chief agent, insurance
association or institute shall
maintain at all times decent and
satisfactory premises as head
office, branch office or
secretariat as the case may be.
Regulation 34—Form to be Printed.
Every form or other document
required to be furnished pursuant
to the Law or these Regulations
shall be printed or typed.
Regulation 35—Official Seal.
The official seal of the
Commission shall be as in Form NIC/11/90;
and shall be affixed to
certificates and licences of
registration and to such other
documents by the Commissioner or
his representative as the
Commission may direct.
Regulation 36—Interpretation.
In these Regulations, unless the
context otherwise requires—
"A.C.C.A.”
means Association of Corporate and
Certified Accountants;
"A.C.A."
means Association of Chartered
Accountants;
"A.C.M.A."
means Association of Cost
Management Accountants;
"branch office "includes area,
regional, district or contact
office or any agency of an insurer
or intermediary;
"C.A." means Chartered
Accountants;
"director" means a director of the
governing body of an insurer or a
broker or an adjuster;
“the Law" means the Insurance Law,
1989 (P.N.D.C.L. 227).
Regulation 37—Revocation.
(1) The following instruments are
hereby revoked—
(a) Insurance Regulations, 1966 (L.I.
497);
(b) Insurance (Investment of
Funds) Instrument, 1966 (L.I.
498);
(c) Insurance (Amendment)
Regulations, 1967 (L.I. 538);
(d) Insurance (Investment of
Funds) (Amendment) Instrument,
1967 (L.I. 555);
(e) Insurance (Amendment)
Regulations, 1972 (L.I. 767);
(f) Insurance (Exemption)
Instrument, 1972 (L.I. 790);
(g) Insurance (Exemption)
Instrument, 1973 (L.I. 801);
(h) Insurance (Amendment)
Regulations, 1974 (L.I. 878);
(i)
Insurance (Exemption) Instrument,
1977 (L.I. 1123);
(j) Insurance (Amendment)
Regulations, 1978 (L.I. 1139);
(k) Insurance (Exemption)
Instrument, 1980 (L.I. 1243); and
(l) Insurance (Investment of
Funds) Instrument, 1982 (L.I.
1271).
SCHEDULE
PART I
FORMS
Form NIC/01/90
REPUBLIC OF GHANA
INSURANCE LAW, 1989 (P.N.D.C.L.
227)
APPLICATION FOR REGISTRATION AS AN
INSURER OR A RE-INSURER
(PART I—REGULATION 10)
1. Name of Applicant
...........................................................................................................
2. Head Office—Situation and House
Number
....................................................................
................................................................................................................................................
3. Postal Address and Telephone
Number
........................................................................
................................................................................................................................................
4. Names of two Principal
Officers/Chief Executives
.........................................................
................................................................................................................................................
5. Stock company or Mutual company
................................................................................
6. Paid-up capital for stock
company
..................................................................................
7. Name and address of Auditor
........................................................................................
8. Total number of all classes of
employees.........................................................................
9. Total number of agents and
chief agents to be registered:
(a) Agents
............................................................................................................
(b) Chief agents
………..............................................…………...........................
10. Bankers and address
……………………………………………………………….…
……………………………………......................................................................................
11. Re-insurance Guarantors and
address ……….…………………………………………
……………………………………........................................................................................
12. Date of
commencement/recommencement of
business
……………….........................
Declaration by the Applicant:
We ……………………………………………………………………
hereby apply for
registration under the Insurance
Law, 1989 and declare the above
particulars to be true and correct
and agree to notify the National
Insurance Commission of any
material alteration in the
foregoing information as soon as
practicable thereafter.
(Director
……………………………….................……
Date ………………………. Signature
(Director………………………..………............…..…
(Chief Executive
………………………................……
The following enclosures required
are attached hereto accordingly
together with the registration
fee.
Enclosures to Form NIC/01/90
1. Detailed curriculum vitae of
all directors, the two principal
officers and the chief finance
officer(s).
2. List of all branch offices,
address and telephone numbers.
3. Certified true copy of the
applicant's Articles and
Certificate of Incorporation and
all other documents by which the
insurer is constituted.
4. In the case of a mutual
insurer, a certified true copy of
its current bye-laws or other
rules of membership.
5. Copy of the insurer's Financial
Statement together with a list of
the various classes of business
proposed to be transacted.
6. A feasibility study and report
for the first or the next
five-year period of operation
comprising the following
information and data:
(i)
comprehensive Cash-flow analysis;
(ii) gross premium income and
expenditure projections for each
class of business;
(iii) reinsurance guarantee and
arrangements proposed by the
insurer and certified by the
re-insurer.
(iv) assessment or evaluation
analysis of the prospects and
profit potential of the company
for the next five years.
7. Evidence of the deposit
required by the Law with the Bank
of Ghana.
8. List of all agents and chief
agents to whom commission is
payable.
9. A certified true copy of each
type of policy of assurance or
insurance which the company
proposes to issue.
10. A certificate of financial
viability issued by the company's
Auditor.
Form NIC/02/90
CERTIFICATE OF REGISTRATION AS
INSURER/RE-INSURER UNDER
REGULATION 11 (1)
I
hereby certify that
……………………...........................…………………..........................
have been duly registered as
Insurers/Re-insurers by the
Commission under the terms of the
Insurance Law, 1989.
Given in Accra by the Seal of the
Commission this ……….. day of
……....................
nineteen hundred and …………………………….
…………......………....……………......
Commissioner of Insurance
Form NIC/03/90
CERTIFICATE OF SOLVENCY IN RESPECT
OF LIFE POLICIES
(REGULATION 12 (a))
I
certify that the liabilities in
respect of life policies of the
...........................................................................................……………………………………………………………………………………………....
(insert name of company)
for the financial year ending
…………......................................………………………………………………………..
do not exceed the amount of the
life insurance fund as shown in
the Balance Sheet.
Date
…….........................................……………………………….
Signed ……………………………….
Actuary
Form NIC/04/90
CERTIFICATE OF SOLVENCY IN RESPECT
OF CLASSES OF INSURANCE OTHER THAN
LIFE INSURANCE
(REGULATION 12 (b))
We certify that the total assets
in respect of all classes of
insurance business other than life
insurance business of the ……......................................................................................................................................
……………………………………............................………………………………………
(insert name of company)
for the financial year ending
……………………………………............................……
exceed the liabilities by ¢
……….....……….. or 1/10 of the
premium income, whichever is
greater.
Date
……………………………..............................………………….
……..................................................
Auditor
Director ………………….………….....…………..
Director ……………………………………………
(Two or more Directors to sign).
Form NIC/05/90
APPLICATION FOR REGISTRATION AS A
BROKER OR ADJUSTER
(REGULATION 13 (1))
1. Name of Applicant
……………………………………………………………….....
2. Postal Address and Telephone
Number
…………………………………................
………………………………………………………………………………………………
3. Situation of Principal Office
and House No
....................................................................
………………………………………………………………………………………………
4. State if Broker or Adjuster
……………………………………………………………..
5. Names of the two Principal
Officers/Chief Executives
………………………………………..................................
.....................................…………………………………….............................................
6. Principal Registered Insurer(s)
represented
…………………………………………………....................................
……………………………………………………………………………………………....
7. State Paid-up Capital and
Statutory Deposit and quote
evidence of payment in each
case………………………………………………………...................................….
8. State date on which business
was commenced or is to commence in
Ghana
…………………………………............................................................................................
9. Name and address of Auditor
………………………………………………….............
..........................................................……………………………………………………....................................…..
10. Total number of employees
…………………………………………...........................
11. To engage in international
business? YES or NO ……………………………………
Declaration by Applicant
I/We.............………………………………………….…………………………..
hereby apply for registration
under the Insurance Law, 1989 and
declare the above particulars to
be true and correct and agree to
notify the National Insurance
Commission of any material
alteration in the foregoing
information supplied, and that in
the terms of any enactment in
force in Ghana or any other
country—
(a) have not been adjudged
insolvent or bankrupt, and
(b) have not made any assignment
to or an arrangement or
composition with
creditors which has been
rescinded or set aside, and
(c) have not been convicted by a
court in any country of an offence
involving
dishonesty, fraud or gross
misconduct, an appeal against the
conviction not
having been brought, or
having been brought was withdrawn
or dismissed.
Date ……………………………………….
Director
…….............……………………………
Director
……………………….............………….
Chief Executive
……………………..............…….
Enclosures to Form NIC/05/90
1. Detailed curriculum vitae of
directors, the two principal
officers or chief executives and
all other personnel.
2. Address, telephone numbers and
details of any branch office.
3. Certified true copy of the
applicant’s Article and
Certificate of Incorporation and
all other documents of
incorporation.
4. Certified true copy of the
company's Financial Statement
together with a list of all
insurers and clients or customers.
5. A feasibility study and report
for the first or the next
five-year period of operation
comprising the following
information and data—
(i)
comprehensive cash-flow analysis;
(ii) income and expenditure
projections for each of the
five-year period;
(iii) assessment of profit
potential of the company for the
five-year period.
6. Evidence of the deposit
required by the Law with the Bank
of Ghana.
7. Specific areas or classes of
insurance business or operation.
8. Particulars and details of any
local or overseas broker or
intermediary or insurer or
re-insurer you transact any
insurance business with.
Form NIC/06/90
CERTIFICATE OF REGISTRATION OF
BROKER OR ADJUSTER UNDER
(REGULATION 13 (2))
I
hereby certify that
…………………………………………………...............................………………….……
have been duly registered as
……………………………………. by the Commission
under the terms of the Insurance
Law, 1989.
Given in Accra by the Seal this
……........…..… day of
…………………..................……………………….…..…
nineteen hundred and
………………………………………………………………………................................…...
………………………………….
Commissioner of Insurance
Form NIC/07/90
APPLICATION FOR REGISTRATION OF
CHIEF AGENT OR AGENT
(REGULATION 14 (1))
1. Name of Applicant
…………………………………………...................................…
2. Postal Address
……………………………………………………………….............
3. State if part-time or full-time
agent …………………………………………………
4. If a part-time agent state main
occupation ……………………………………………
...…………………………….................................................................................................
5. Give name of the registered
insurer you represent
.........................................................
................................................................................................................................................
6. Give name(s) of all previous
principal insurers and date(s) of
agency (if any)
………………...................................…………………………………………….................................................................................................................
7. State:
(a) age of applicant
...........................................................................................
(b) general educational standard
and qualifications and dates
.............................
…………………………………………...................................................................................................................
(c) insurance experience and
qualifications (if any)
.......................................................................................................
………………………………………………………………………………………
Declaration by Applicant
I,
......................................................……………………………hereby
apply for
registration under the Insurance
Law, 1989 and declare the above
particulars to be true and correct
and agree to notify the Commission
of any material alteration in the
information supplied, and that in
the terms of any enactment in
force in Ghana:
(a) have not been adjudged
insolvent or bankrupt, and
(b) have not made an assignment to
or an arrangement or composition
with creditors which has been
rescinded or set aside, and
(c) have not been convicted by a
court in any country of an offence
involving dishonesty or fraud or
gross misconduct, an appeal
against the conviction not having
been brought, or having been
brought was withdrawn or
dismissed.
Date
……………………....................
Signed …….............…….
Form NIC/08/90
NATIONAL INSURANCE COMMISSION
CHIEF AGENT’S/AGENTS’S LICENCE FOR
19 …………….
(REGULATION 14 (2))
NUMBER ……………………………….
PHOTOGRAPH
..........…..................................
Agent's Signature
.
...................................………………..................................................................................
I
hereby certify that...............................................................................................................
has been duly registered as an
Insurance Chief Agent/Agent by the
Commission under the terms of the
Insurance Law,1989 (P.N.D.C.L.
227).
Given in Accra by the Commission
this …….....………………… day of
…....................
nineteen hundred and
………...............................
.......................................................
Commissioner of Insurance
Date of Issue
........................................................................................
Date of Expiry
..........................................................................................................
Principal Insurer Represented:
................................................................................................................................................
…………………………........................................................................................................
………………………………................................................................................................
This Licence shall be renewed
annually provided that the holder
has not contravened any of the
provisions of the Law or
Regulations made thereunder.
RENEWAL
2nd Year/3rd Year/4th Year/5th
Year
Date of Renewal
………………………………………………………….........…………
Date of Expiry
………………………………………………………..........................
……………………………………
Commissioner of Insurance
Form NIC/09/90
ABSTRACT OF THE REPORT OF AN
ACTUARY AND STATEMENT OF LIFE
INSURANCE BUSINESS VALUATION
(REGULATION 15)
This is a summary report of an
Actuary on investigation into the
financial position of a life
insurer.
Date ……………….....………
………………………………………
Actuary
________________________________________________________________________
Form NIC/10/90
INSURANCE LAW, 1989
AUDITOR'S CERTIFICATE ON THE
ACCOUNTS OF AN INSURER OR
BROKER/ADJUSTER
(REGULATION 16)
TO THE NATIONAL INSURANCE
COMMISSION,
ACCRA.
I/We have examined the books and
accounts relating to the insurance
business carried on by
.......................................….…………………………………………
being insurer/broker/adjuster
during the financial year ended
31st December 19 …………..
In my/our opinion, the books of
………………………………………………………... have been
properly kept and the affairs and
transactions of the company have
been correctly recorded. The
accounts and balance sheet are in
accordance with the information
given to me/us and with the
provisions of the Insurance Law
reflect a true and fair view of
the financial position of the
company.
I/We have verified by actual
inspection the investments and
cash as at 31st December, 19 ……..,
and adequate provisions have been
made for doubtful debts and all
requisite reserves.
All the information I/We require
has been supplied to me/us and the
books appear to me/us to have been
properly kept.
Dated at ……………………… this ………. day
of ……………… 19 ………..
…………..…………...................
Auditor(s)
Form NIC/11/90
(Regulation 35)
OFFICIAL SEAL OF THE COMMISSION
1990
PART II
Form NIC/12/90
SPECIMEN OF ANNUAL ACCOUNTS AND
REPORTS
(REGULATION 17)
GENERAL OR LIFE BUSINESS—BALANCE
SHEET AS AT 31ST DECEMBER, 19
Note Current Year (19
…..) Last Year (19 ……)
ASSETS EMPLOYED
..........................
........................
.....................
CURRENT ASSETS
..........................
........................
.....................
CURRENT LIABILITIES
..........................
........................
.....................
NET CURRENT
ASSETS
TOTAL NET ASSETS
..........................
........................
.....................
FINANCED (REPRESENTED)
BY
..........................
........................
.....................
.......................……….
…………………………….. ………………………
(Director)
(Chief Executive
(Auditor)
or Chief FinanceOfficer)
INSURANCE LAW, 1989
Form NIC/13/90
PROFIT AND LOSS ACCOUNT FOR THE
YEAR ENDED 31ST DECEMBER, 19
(REGULATION 17)
(LIFE AND/OR GENERAL BUSINESS)
31ST DECEMBER, 19 ………..
Note Current Year (19
…..) Last Year (19 ……)
UNDERWRITING RESULTS
..........................
........................
.....................
OTHER INCOME PROFIT BEFORE TAX
..........................
........................
.....................
TAXATION
..........................
........................
.....................
NET PROFIT TRANSFERRED TO INCOME
SURPLUS ACCOUNT
..........................
.......................
.....................
INSURANCE LAW, 1989
Form NIC/14/90
INCOME SURPLUS ACCOUNT FOR THE
YEAR ENDED 31ST DECEMBER,
19..............
(LIFE AND/OR GENERAL BUSINESS)
31ST DECEMBER, 19 ………..
Note Current Year (19
…..) Last Year (19 ……)
BALANCE AS AT 1ST JANUARY
..........................
........................
.....................
TRANSFER TO STATED
CAPITAL
..........................
........................
.....................
TRANSFER FROM PROFIT AND LOSS
ACCOUNT
..........................
........................
.....................
LESS: APPROPRIATIONS:
..........................
........................
.....................
PROPOSED DIVIDEND
..........................
........................
.....................
STAFF WELFARE FUND
..........................
........................
.....................
CONTINGENCY RESERVE
..........................
.......................
.....................
REVENUE ACCOUNT FOR
......................... (CLASS
OF BUSINESS) OF THE
...................... FOR THE
YEAR ENDING—DECEMBER, 19
................................
Underwriting Income Current Year
Last Year Previous
Year Expenditure
Current Year Last Year
Previous Year
Fund at the beginning of Year
Premiums (Less Returns) Commission
Received . . . . .
.
Claims
paid (Less Salvages) Re-insurance
Recoveries Estimated outstanding
Claims (Less Reserve at the
beginning of the Year .
.
Other Income . . .
.
Commission paid . . .
. .
.
Loss transferred to Profit and
Loss Account .
.
Reinsurance Premiums .
. . .
Management Expenses . .
.
.
Other Expenditure(to be specified
separately)
Profit transferred to Profit and
Loss Account . . .
. . .
Fund at the end of the Year
(investment to be specified
separately . . .
. . . .
.
Certified correct
………………………………….
Auditor
Form NIC/16/90
REPORT OF THE DIRECTORS
The Board of Directors shall
submit a report together with the
Annual Account and such a report
shall be a summary of the overall
activities and results of the
company.
………............................
………………………. ……………………
(Chairman of the
Board)
(Director)
(Director)
PART III
FEES
(Regulation 19)
1. Insurance Company:
¢
(i)
Registration
200,000
(ii) Renewal of Registration
100,000
(iii) Certified copy or duplicate
of Certificate
200,000
2. Re-insurance
Company:
(i)
Registration
1,000,000
(ii) Renewal of Registration
300,000
(iii) Certified copy or duplicate
Certificate
1,000,000
3. Insurance Broker, Adjuster,
Chief Agent:
(i)
Registration
50,000
(ii) Renewal of Registration
20,000
(iii) Certified copy or duplicate
Certificate
50,000
4. Insurance Agent:
(i)
Registration
2,000
(ii) Renewal of Registration
2,000
(iii) Duplicate Licence
4,000
(iv) Change of Principal
Insurer
5,000
5. Inspection of Documents in
custody of the Commission in
respect of an Insurer, Re-insurer
or an intermediary on each
occasion
(i)
By an individual
2,000
(ii) By a group of persons or a
firm
3,000
6. Request for a copy or extract,
whether certified or not, or any
document in the custody of the
Commission:
(i)
By an individual
5,000
(ii) By a group of persons or a
firm
10,000
DR. KWESI BOTCHWAY
P.N.D.C. Secretary for Finance and
Economic Planning
Date of Gazette Notification: 26th
October, 1990.
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