Guidelines On Applications For Approval Of New And Repackaged Life Insurance Products

As a standard, all life insurance policy forms must contain a description of the type of product the policy represents. This description, which is usually on the first page should also include a statement as to whether the policy is a participating or non-participation policy. The policy forms must also include the following informations:   The name and address of the insurance company issuing the policy.   The “Insuring Clause” – This Clause should contain the insurance company’s contractual promise to pay the policy benefits in accordance with the policy provisions.   The signature of the authorizing officers of the Insurance Company – this is usually the signature of the Chief Executive Officer and the Chief Operations Officer. This is taken as evidence of the commitment of the Company to be bound by the insurance contract.   The name of the person(s) insured by the policy and the name of the policyowner (for third-party policies).   The amount of insurance coverage (face amount/sum assured) provided by the policy.    The effective date of the policy.  In addition to the above, all life insurance policy forms submitted for approval should include the following provisions:  •        Free-look •        Entire Contract  •        Grace Period  •        Incontestability •        Misstatement of Age •        Beneficiary •        Reinstatement 

Procedures to Follow




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Responsible Institution

National Insurance Commission

Accra
Email:info@nicgh.org
Website:info@nicgh.org

Relevant Forms to Download

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Fees & Charges




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