NATIONAL INSURANCE COMMISSION (NIC) IS THE REGULATORY BODY OF THE INSURANCE ENVIRONMENT IN GHANA. ITS FUNCTIONS INCLUDE i. License insurers and insurance intermediaries who transact insurance business in Ghana ii. In consultation with relevant bodies approve and set standards for the conduct of insurance business and insurance intermediary business iii. Encourage the development of and compliance with the insurance industrys codes of conduct; iv. Approve, where appropriate, the rate of insurance premiums and commissions in respect of any class of insurance v. Provide a bureau to which complaints may be submitted by members of the public for resolution vi. Arbitrate insurance claims referred to the Commission by any party to an insurance contract vii. Recommend to the Minister proposals for the formulation of policies for the promotion of a sound and efficient insurance market in the country viii. Supervise and approve transactions between insurers and their reinsurers ix. Undertake sustained and methodical public education on insurance x. Take action against any person carrying on insurance business or the business of insurance intermediaries without a licence xi. Maintain contact and develop relations with foreign insurance regulators and international associations of insurance supervisors and maintain a general review of internationally accepted ,standards for the supervision of insurers and insurance intermediaries xii. Supervise, regulate and control compliance with the provisions of this Act and Regulations made under it and any other enactment relating to insurance and xiii. Perform other functions that are incidental to the carrying out of its functions under this Act.
Posted on: Tue, 15 Apr 2014 07:48:57 +0000
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