Ghana’s National Insurance Commission (NIC), the regulatory authority for the country’s insurance industry, reportedly has announced that a new national insurance law incorporating microinsurance will be passed sometime during 2012. The new law is also expected to require insurance companies to maintain minimum capital of GHS 5 million (USD 2.74 million). NIC states that the law will develop the insurance industry and increase coverage throughout the country. Details on the provisions of the bill are not available [1].
By Brendan Millan, Research Associate
About National Insurance Commission (Ghana): Established in 1989, NIC is the regulatory authority of Ghana’s insurance industry. NIC is mandated to ensure effective administration, supervision, regulation and control the business of insurance in the country. The roles of NIC also include licensing of entities, setting standards, arbitrating disputes in the industry, approving rates of insurance premiums and commissions.
Sources and Resources:
[1] Joy Online: “New Insurance Law Would be Passed This Year – NIC” by Emmanuel Agyei and Nana Essuman. http://business.myjoyonline.com/pages/news/201203/84041.php
MicroCapital.org story, March 21, 2012, “MICROCAPITAL BRIEF: Bank of Ghana (BOG) Pursues Tighter Regulation, Enforcement of Microfinance Sector”, https://www.microcapital.org/microcapital-brief-bank-of-ghana-bog-pursues-tighter-regulation-enforcement-of-microfinance-sector/
MicroCapital.org story, March 8, 2012, “MICROCAPITAL BRIEF: MicroEnsure Ghanato Launch Credit Health Insurance for Microfinance Clients”, https://www.microcapital.org/microcapital-brief-microensure-ghana-to-launch-credit-health-insurance-for-microfinance-clients/
MicroCapital Universe Profile: National Insurance Commission (Ghana), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=National+Insurance+Commission+%28NIC%29
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: Regulator Licenses ADIB Egypt to Open Shariah-compliant Subsidiary, ADI Microfinance
- MICROFINANCE PAPER WRAP-UP: “Determinants of Choice of Credit Source Among Clients of Microfinance Systems in the Upper West Region of Ghana,” by Paul Bata Domanban et al
- MICROFINANCE EVENT: International Conference on Inclusive Insurance (ICII); October 23-27, 2023; Accra, Ghana
- MICROFINANCE PAPER WRAP-UP: “Driving Digital Financial Services in Africa Through Merchant Acceptance of Digital Payments,” published by Alliance for Financial Inclusion (AFI)
- MICROFINANCE EVENT: Singapore FinTech Festival; November 15-17, 2023; Singapore
