Description

The National Insurance Commission (NIC) was established under Insurance Law 1989 (PNDC Law 227) , but now operates under Insurance Act, 2006 (Act 724). The object of the Commission, as detailed in Act 724 is to ensure effective administration, supervision, regulation and control the business of Insurance in Ghana. NIC is mandated to perform a wide spectrum of functions including licensing of entities, setting of standards and facilitating the setting of codes for practitioners. The Commission is also mandated to approve rates of insurance premiums and commissions, provide a bureau for the resolution of complaints and arbitrate insurance claims when disputes arise.

Other responsibilities of the National Insurance Commission (N.I.C) include the provision of recommendation to the sector Minister for policy formulation, supervision of practitioners, enforcement of compliance and public education. The development of strong relationships with regulators from other countries and international bodies such as the IAIS and ensuring the conformity of practitioners to internationally accepted standards are also key mandates of the Commission.

The National Insurance Commission (NIC) was established under Insurance Law 1989 (PNDC Law 227) , but now operates under Insurance Act, 2006 (Act 724). The enactment of Act 724 was a major milestone towards a robust insurance regulatory environment as it empowers and grants adequate powers to the Commission. Together with several other initiatives in the past decade, the new Law provides a strong regulatory framework for Ghana’s insurance industry.

Our Vision
“To Be A Model Insurance Services Regulator In Africa”.

Our Mission
“To Be An Effective Custodian Of The Public Interest Ensuring Financial Soundness Of Insurance Companies And Prompt Attention To Grievances Of Policyholders And Interested Third Parties; And To Act As Catalyst For The Development, Robust Growth And Prosperity Of Ghana’s Insurance Industry”.

Core Values
As part of the new strategic direction of NIC, operations will be guided by our core values. These are:

  • Integrity
  • Transparency
  • Accountability
  • Responsiveness
  • Accessibility
  • Innovation

Departments
Office of the Commissioner
The Office of the Commissioner is responsible for the day-to-day administration of the Commission.

Office of the Deputy Commissioner
The office of the Deputy Commissioner assist in the day-to-day administration of the Commission.

Supervision Department
The responsibilities of the Supervision Department include the following:

  •  Licensing and renewals
  • On-site inspections
  • Off-site analysis
  •  Product approvals
  • Reinsurance
  •  Authorisations and Approvals
  • Actuarial Analysis

Actuarial Unit

The responsibilities of the Actuarial Unit include the following:

  • Review of Periodic Technical Prudential Reports eg FCRs, SDRs, Actuarial Valuation reports
  • Review of and approval of New Products
  • Prudential and Solvency Analysis
  • Assist the supervision team in financial and pre-Inspection analysis
    Legal Department
    The responsibilities of the Legal Department include the following:
  •  Overseeing the Legislation and all legal matters
  •  Management of all statutory funds and Committees under the Insurance Act
  • Complaints and Settlements
  •  Public education
  • Regional Offices of the NIC
  • Legal enforcement of the Insurance Act and actions to rectify lapses brought to its attention by the public and/or by the Supervision Department
    Finance Department
    The responsibilities of the Finance and Administration Department include the following:
  • Accounts, planning & budgeting
  • Investments & treasury functions
  • Motor Insurance Sticker management and collections
  • Procurement & Stores
  • Human Resource and Administration Department
  • The responsibilities of the Human Resource and Administration Department include the following:

Human Resource Planing and Management

  • Employee Resourcing
  • Ensuring the existence of a peaceful Industrial Relations atmosphere
  • Security, Transport, & Maintenance
  • Marketing, Research & External Relations Department
  • The responsibilities of the Marketing, Research & External Relations Department include the following:

 Research & Development

  • Rental of Conference Facilities
  • Public Relations
  • Publications and information dissemination
  • International relations

Internal Audit Department

The responsibilities of the Internal Audit Department include the following:

  • Monitoring
  • Controls
    Reinsurance / AML Department
    Reinsurance Unit
    The responsibilities of the Reinsurance Unit include the following:

Recommend the approval of annual treaty programmes
Recommend local capacities for the various classes of insurance business for the Ghanaian market
Vet applications for overseas reinsurance
AML Unit
The Unit is responsible for the following:

  • Enforcement of AML/CFT Laws and FATF recommendations
  • Monitoring AML/CFT compliance of regulated entities
  • On-site examination of AML/CFT activities of regulated entities
  • Off-site monitoring of AML/CFT activities of regulated entities
  • AML/CFT sensitisation and training programmes
    I T Unit
    The responsibilities of the Information Technology (IT) Unit include the following:

Provides IT systems support

Head Office:

Phone :                                        Email :
030 2 238300                              info@nicgh.org
030 2 238301                              complaints@nicgh.org

Fax :
030 2 237248
030 2 246369

Address :
National Insurance Commission
Appiah Ampofo House
67 Independence Ave
P.O.Box: CT 3456,
Cantonments, Accra

Regional Offices
Tamale Area Office
Area Manager: Mr. Joseph A. Akanlagm
Zogbeli – Lamakara Street (Aliu Mahama Street)
P.O. Box 1255
Tamale
Telephone : 03720 23394
Fax: 02720 24933

Kumasi Area Office
Area Manager: Mr. Kofi Baafour Sencherey
Ground Floor
COCOBOD Jubilee House
Asafo, Kumasi
Telephone : 0322081808

Takoradi Area Office
Area Manager: Mr. Justice Peprah Agyei

First floor of The White building
Adjacent Taadi Hotel
Opposite A.T. Nartey Pentecost Church
Essikafoamantem No. 2 – Takoradi
Digital address: WS-246-7758

Telephone: 0312293422

Ho Area Office
Area Manager: Mr. Bright Agbenu
Second Floor Bayport Building
Adjacent NHIS Regional Office
Old Traffic Light, Starlet Avenue
Ho

Postal address: P O Box HP 1396, Ho

Tel: 0362 026650

Koforidua Area Office
Area Manager: Esther Konadu Ofori

1st Floor, Construction House
Opp. SSNIT Regional Office
Telephone : 0342033172

Digital Address: EN-010-0986

Cape Coast Area Office
Area Manager: Nicholina Naa Ladzekpo
University of Cape Coast,
Credit Union Complex Building
Near Cedecom.
Telephone : 031-2293808

Digital Address: CC-097-0092

Sunyani Area Office
Area Manager: Mr. Faruk Dramani
Plot 60, Owusu Acheampong Avenue
SSNIT Flats Nwabeng South
Sunyani
Telephone : 0352022812
Postal address: P O Box SY 732, Sunyani

Digital Address: BS-0031-0297

Ad
Location

Cantonments, Accra, Greater Accra, Ghana

Brand

National Insurance Commission (NIC)

Closed
Open hours today: 9:00 am - 5:00 pm
  • Monday

    9:00 am - 5:00 pm

  • Tuesday

    9:00 am - 5:00 pm

  • Wednesday

    9:00 am - 5:00 pm

  • Thursday

    9:00 am - 5:00 pm

  • Friday

    9:00 am - 5:00 pm

  • Saturday

    Closed

  • Sunday

    Closed

  • 22 October 2021 7:13 pm local time

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